Distingo passbook savings account continues to deliver outstanding performance

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28/01/2014 | Paris

Since its launch on 5 March 2013, PSA Banque's Distingo online passbook savings account has enjoyed strong demand. As of 31 December 2013, just 10 months after launch:

  • More than 25,000 Distingo passbook savings accounts had been opened.
  • More than €950 million had been taken in customer deposits.

Several campaigns to acquire and retain customers supported demand during the year, backed by a competitive offering.

At end-2013, after just 10 months, deposits collected in France enabled Banque PSA Finance (BPF) to finance around 5% of its outstanding loans. This compares with a 2015 target of collecting deposits equivalent to 15%-20% of the loans to be financed, as part of the bank’s strategy to develop its savings business in Europe.

With the Distingo solution, PSA Banque is confirming its commitment to making the savings business a driver of the real economy. The savings deposited in the passbook accounts are used to support retail purchases of vehicles from Peugeot and Citroën dealers and the wholesale financing of each of the two brands’ dealer inventories.

As of 31 December 2013:

  • 730,800 vehicles, of which 569,600 new vehicles, had been purchased thanks to BPF retail financing granted to Peugeot and Citroën customers.
  • 1,619,200 vehicles had been financed thanks to BPF wholesale financing granted to Peugeot and Citroën dealers.

Stepping up its engagement in the real economy, PSA Banque reached a milestone at the end of November 2013 with the launch of its dedicated website, economiereelle.fr. At the same time, PSA Banque has joined with Le Journal du Net to create a new editorial line devoted to news about the real economy, journaldunet.com/ecomomie-reelle.

On 16 January 2014, PSA Banque launched an attractive new campaign offering a promotional gross rate of 5% for the first three months and 2.20% per year thereafter, representing one of the best returns in the market.

Building on Distingo’s successful 2013 performance, PSA Banque aims to pursue its growth strategy in 2014 by introducing a term deposit account in France and developing its business in Belgium, followed by Germany.

Philippe Alexandre, Chief Executive Officer of Banque PSA Finance, said: "With Distingo, our goal was to attract €400-600 million in customer deposits by the end of 2013. That goal has been vastly exceeded. This performance attests to French savers’ confidence in PSA Banque's growth prospects and illustrates the success of the strategy to diversify Banque PSA Finance’s sources of financing. Lastly, the excellent results demonstrate that PSA Banque is an active, major player in the real economy and strengthen our commitment to pursuing our growth strategy in and outside France."


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