PARIS (AP) -- The financing division of French car maker PSA Peugeot Citroen SA has received a Russian banking license that will allow it to offer loans and financing to its Russian dealers and car buyers.
Banque PSA Finance RUS, the Russian arm of the French car maker's subsidiary Banque PSA Finance, "will contribute to PSA Peugeot Citroen's goal of becoming a more global company," the bank's head Philippe Alexandre said in a statement Tuesday.
Last year sales of Peugeot and Citroen cars in Russia collapsed 32 percent to 40,000 cars, in a market that dropped 50 percent to 1.47 million cars.
In March PSA Peugeot Citroen plans to open a vehicle assembly plant in Kaluga, Russia.
