Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229- 91111. Fax: +32 229- 64301. E -mail: COMP -MERG ER-REGISTRY@ec.europa.eu.  
  EUROPEAN COMMISSION  
Brussels, 20.12.2022  
C(2022) 9962 final  
PUBLIC VERSION  
BNP Paribas S.A.  
16 Boulevard des Italiens  
75009 Paris  
France  
 
Stellantis N.V  
Taurusavenue 1 2132 LS Hoofddorp  
The Netherlands  
Subject : Case M.10726 - BNP PARIBAS / STELLANTIS / PCDF ASSETS / FCAB 
ASSETS / JV  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No  139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 15 November 2022, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger Regulation, by which BNP Paribas 
S.A. (“ BNP Paribas ”, France)  and Stellantis N.V. (“ Stellantis ”, the Netherlands) will 
acquire  within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint 
control of t he PSA -SCF financing cooperation (“ PCDF ”) assets, jointly controlled by 
Stellantis and Santander Consumer Finance (“ SCF”, Spain), and the FCA -CACF 
financing cooperation (“ FCAB ”) assets, jointly controlled by Stellantis and Crédit 
Agricole Consumer Finance (“ CACF ”, France)   (PCDF and FCAB taken together, the 
“Target Business”) ,  through a joint venture between BNP Paribas and Stellantis (the 
“BNPP -Stellantis JV ”). The concentrat ion is accomplished by way of purchase of 
shares and assets.3 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009, the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘ Community ’ by ‘Union’  and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p. 3 ( the ‘EEA Agreement ’). 
3  Publication in the Official Jou rnal of the European Union No C 446, 24.11.2022, p. 38.  

2 2. The business activities of the undertakings concerned are  the following:  
− BNPP is active worldwide in three core banking businesses, including 
Commercial, Personal Banking and Services; Investment and Protection Services; and Corporate and Institutional Banking,  
− Stellantis is active worldwide in the development, manufacturing and distribution of automotive vehicles, under the following fifteen brands: Peugeot, Citroën, DS Automobiles, Opel, Vauxha ll, Abarth, Alfa Romeo, 
Chrysler, Dodge, Fiat, Fiat Professional, Jeep, Lancia, Maserati and Ram , 
− PCDF assets and FCAB assets offer loans and leases related to branded 
vehicles as well as loans to dealers,  
− BNPP -Stellantis JV will own the PCDF and FCAB assets.  
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph 5(c ) of the  Commission Notice on a simplified procedure for treatment of 
certa in concentrations under Council Regulation (EC) No  139/2004.
4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market an d with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
 
                                                 
4  OJ C 366, 14.12.2013, p. 5.