Stellantis, Banco Santander to reorganize automotive financing partnership

Stellantis (STLA) and Banco Santander (SAN) have agreed to reorganize their automotive financing partnership in Brazil. The contract signed with Banco Santander Brasil S.A. includes: the purchase by Banque PSA Finance S.A. of 50% of the shares in Banco PSA Finance Brasil S.A., a joint venture which was held 50/50 by a subsidiary of Banco Santander Brasil and Banque PSA Finance S.A. The purchase by Stellantis Services of 50% of the shares in PSA Corretora de Seguros e Services Ltd, a joint venture held 50/50 by Banco Santander Brasil and Stellantis Services. The completion of the transactions will be subject to the fulfillment of certain suspensive conditions usual in similar transactions, including obtaining the relevant regulatory authorizations. Upon completion, Banque PSA S.A. will become the sole shareholder of Banco PSA Finance Brasil and Stellantis Services will be the sole shareholder of PSA Corretora.