Peugeot Cooperate in China

A cooperative financing venture has been created by Peugeot to partner Banque PSA Finance and Dongfeng Peugeot Citroën Automobiles (DPCA) with the Bank of China.

Jean-Martin Folz, chairman of PSA Peugeot Citroën, Liu Weidong, chief executive of DPCA, and Li Lihui, president of the Bank of China, signed an agreement at the Palace of the People in Beijing on 9th October. Republic of China President Hu Jintao and French President Jacques Chirac also attended the signing.

The purpose of the agreement is to provide financing for the Dongfeng Peugeot and Dongfeng Citroën dealer networks and their customers. The new arrangement will support PSA Peugeot Citroën’s development in China, where it operates through DPCA, an equally owned joint venture with its industrial partner, Dongfeng Motor.

The decision follows two years of sales growth for the company in China with the Dongfeng Citroën brand. DPCA is also currently benefiting from the re-launch of the Peugeot brand in the country and the rollout of the 307.