Groupe PSA and BNP Paribas have completed a joint acquisition of the financial operations of Opel and Vauxhall.

A new organisation combining the existing brands Opel Bank, Opel Financial Services and Vauxhall Finance has been created.

It will benefit from the expertise of financial captive Banque PSA Finance and automotive finance specialist BNP Paribas Personal Finance to more effectively serve Opel and Vauxhall dealers and customers.

Opel and Vauxhall's financing operations are an essential element of the commercial performance of 1,800 dealers in 11 European countries.

They provide a  range of auto financing products, including consumer loans, leasing and service contracts as well as dealer financing and insurance. Together, they represented around €9.6 billion in total financing at end-2016.

Alexandre Sorel, chief executive officer, Pascal Brasseur and Erhard Paulat, both Deputy CEO, will take over the management of the new organisation.

Chief executive officer Alexandre Sorel said: "We are now thoroughly committed, alongside all of the teams, to building the strategic plan with the clear purpose of improving the performance of the company's businesses and the competitiveness of our financial solutions for Opel and Vauxhall customers."