7Apr
Intermoney (CIMD Group) takes its wealth advice to Dubai

The Group currently manages between its companies in Madrid and Lisbon 4,400 million.

Dubai Skyline.

The CIMD Group expands its range of services with the creation of a new area in Dubai to accommodate equity investment through its manager Intermoney, as announced in a statement.

The company, CIMD (Dubai) Ltd. has been in operation since 2012serving institutional clients, mainly central banks and sovereign wealth funds, in accessing the fixed income and financing markets.

From the Group they recall that their objective is “to continue growing in the management area, and with the incorporation of the team made up of six people in Dubai, the asset management area will be reinforced, a task that until now was only carried out in the offices of Spain and Portugal”.

Recently, the Group reached 4,400 million assets under management, of which more than 4,000 are in house funds in Madrid and Lisbon. The expansion of this area of ​​activity of the Group aims to reach the figure of 5,000 million before the end of 2022.

In addition, the CIMD Group, which currently has more than 325 employees, “continues to promote the rest of the business areas: Brokerage, consulting, securitization, energy and innovation through its different companies,” they explain in the statement.

19Mar
Stellantis renegotiates its relationship with Santander to finance operations in seven countries, including Spain

The group made up of Fiat, Peugeot and Citroën is also seeking a new agreement with BNP for Germany, Austria and the United Kingdom, among others.

Carlos Tavares, CEO of the Stellantis Group.

The Stellantis Group, which includes brands such as Fiat, Peugeot, Citroën, Jeep or DS, among others, has announced that is in exclusive negotiations with different banking companies to reorganize in a more structured way financial business.

In this way, the fourth world automobile group is in an advanced situation to close an agreement with Santander (Santander Consumer Finance)with BNP (BNP Paribas Personal Finance) and with CACF (Crédit Agricole Consumer Finance).

Stellantis’s intention is to regroup all financial activities, both in customers, as well as in dealers and distributors, by the entire Stellantis group.

With this decision Stellantis seeks to create a only financial organization formalized 50% by the car group itself and CACF, to become a European leader.

In this way, Santander Consumer Finance and Stellantis are renegotiating the terms of the collaboration that they established in 2014 for the financing of Peugeot, Citroën and DS vehiclesand have signed a non-binding agreement setting the conditions for finance vehicles of all brands of the automobile group in seven European countries: Belgium, Spain, France, Holland, Italy, Poland and Portugal.

And on the other hand, BNP Paribas Personal Finance would lead the financing operations of countries such as Germany, Austria and the UK. Also, another part of the operation is that CACF acquires 50% of FCA Bank and Leasys Rentwhich are the companies that previously belonged to FCA, and that are now under the umbrella of the Stellantis Group.

The president of Banco Santander, Ana Botín.

The president of Banco Santander, Ana Botín.
Europe Press

Although the agreement has not yet been formalized from Stellantis they point out that the firm could be ready in the first quarter of 2022, once the information processes are completed. Likewise, operations could start in the first half of 2023once the required authorization has been obtained from the relevant antitrust authorities and market regulators.

“After the acquisition of First Investors Financial Services Group in the United States, Stellantis reaffirms its desire to further strengthen its financial activity, achieving another step in Europe with banking partners”, said Carlos Tavares, CEO of Stellantis.

“This is a strategic move to build on our financial performance in all European countries. This transformation, managed with leading partners, would allow Stellantis to offer a wide range of products to all its customers, distributors and brands” he said.