Cars

PFN raises stake in PSA Peugeot's China finance arm

(Agencies)
Updated: 2010-07-14 13:33

SHANGHAI: A Banque PSA Finance unit has agreed to raise its stake in PSA Peugeot Citroen's auto financing firm in China by buying a 50 percent equity stake from another stakeholder, the adviser of the deal said on Tuesday.

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PSA Finance Nederland BV has acquired Bank of China's 50 percent stake in Dongfeng Peugeot Citroen Automobile's auto financing unit, increasing its holding to 75 percent, law firm Gide Loyrette Nouel said in a statement.

DPCA, PSA's car venture with Chinese auto group Dongfeng Motor Group Co, retains its 25 percent holding in the firm, it said.

Gide Loyrette Nouel said it had advised PFN on the deal as well as DPCA on the reorgnisation of its financing company.