PSA BANQUE France refinancing strategy

The refinancing strategy of PSA Banque France relies on diversifying liquidity sources

Refinancing strategy

Since 2015, PSA Banque France Group has received intra-group financing directly from Santander Consumer Finance, in addition to the financing provided by debt securitization transactions, retail savings inflow from French customers, bilateral bank credit lines, and access to the refinancing operations of the European Central Bank (ECB). After the first issues of negotiable debt securities in 2016, the strategy to diversify refinancing sources continued in 2017 and 2018 through the development of access to capital markets, specifically with three bond issues under the EMTN program, in January and September 2017 and then April 2018, for €500 million each.

Our bank's sources of refinancing

Savings account from individual customers

Bank credit lines

Capital Markets


Refinancing structure in 2018

At December 31, 2018, the refinancing of the PSA Banque France Group was split as follows:
  • 5% came from drawn bank loans ;
  • 21% from negotiable debt security issuances and the first three EMTN bond issues on the capital markets ;
  • 20% of repayable funds from the public in relation to the deposit activity ;
  • 21% from securitization transactions ;
  • 10% from other external refinancing (of which 7% from the ECB) ;
  • 22% from intra-group credit lines granted by Santander Consumer Finance ;
  • 1% of subordinated debt subscribed in equal parts by each of the two shareholders.