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 through the development of access to capital markets, specifically with five bond issuances under the EMTN program, with the last one in June 2019, for €500 million each.

Our bank's sources of refinancing

Savings account from individual customers

Bank credit lines

Capital Markets


Refinancing structure
in the first half of 2020

As at 30 June 2020, the refinancing of the PSA Banque France Group was split as follows:
  • 4% from drawn bank loans;
  • 27% from negotiable debt security and EMTN bond issuances on the capital markets;
  • 22% from repayable funds from the public in relation to deposit activity;
  • 14% from securitization transactions placed;
  • 17% from other external refinancing, of which 15% from the European Central Bank (participation in the TLTRO-II and TLTRO-III programmes);
  • 15% from intra-group credit lines granted by Santander Consumer Finance;
  • 1% of subordinated debt subscribed in equal parts by each of the two shareholders.