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 2017

As of December 31st 2017, the refinancing of PSA Banque France is distributed as follows:
  • 5% came from bank facilities
  • 16% of issues of negotiable debt securities and the first two issues of EMTN loan bonds on the capital markets;
  • 20% of refundable funds from the public corresponding to the savings activity;
  • 19% securitisation transactions;
  • 13% of other refinancing (including 11% of the ECB);
  • 25% of intra-group bank lines granted by Santander Consumer Finance;
  • 2% of subordinated debt subscribed equally by each of the two shareholders in December 2017.