Crédit Agricole has strong ambitions in

ByRichard C. Sloan

Dec 17, 2021

Montrouge, December 17, 2021

Crédit Agricole has strong ambitions in terms of automobile financing and mobility:

  • Agricultural credit and Stellantis intend to join forces at to create a European leader in long-term rental
  • CA Consumer Finance plans Also at launch a pan-European, multi-brand operator in automotive financing, leasing and mobility

The Crédit Agricole group and Stellantis plan to create a pan-European player in long-term rental, equally owned by CA Consumer Finance and Stellantis1. CA Consumer Finance would become Stellantis’ exclusive long-term leasing partner, and the goal of the joint venture would be to manage a fleet of over one million vehicles by 2026. This exclusive partnership project between CA Consumer Finance and Stellantis would allow them to immediately join the top 5 leaders in long-term rental in Europe.

In addition, CA Consumer Finance intends to independently constitute a pan-European multi-brand operator in automobile financing, leasing and mobility. Based on the expertise provided by FCA Bank and Leasys Rent, the new 100% -owned entity would aim to manage 10 billion euros in assets by 2026. It would offer white-label services and would also target platforms, car dealers and short-term rental operators. .

The implementation of the planned transactions involving Stellantis, Crédit Agricole SA and its subsidiary CA Consumer Finance would take place in the first half of 2023, subject to prior consultation of the employee representative bodies and the required authorizations from the competent competition and regulatory authorities.
The impact of this transaction on Crédit Agricole SA’s CET1 ratio would be neutral on the whole.

The targeted transaction is balanced and would preserve the value created within the FCA Bank joint venture, while stimulating the growth of CA Consumer Finance in the expanding long-term rental market. In the medium term, this project would offer additional revenue growth potential, thus supporting CA Consumer Finance’s profitability objective.(2) without affecting, in the short term, its earnings trajectory.

The proposed transaction would be fully in line with the Group’s universal banking model in that it strengthens the products and services that the Crédit Agricole Group can offer to its customers. Following the announcement of the takeover of Olinn by CA Leasing & Factoring and the creation of CA Mobility by CA Consumer Finance and CA Leasing & Factoring, Crédit Agricole continues to adapt to the changing needs of its customers, particularly in terms of mobility, and supports the transition to green mobility.
PRESS CONTACTS CREDIT AGRICOLE

Charlotte de Chavagnac +33 (0) 1 57 72 11 17 charlotte.dechavagnac@credit-agricole-sa.fr
Olivier Tassain +33 (0) 1 43 23 25 41 olivier.tassain@credit-agricole-sa.fr
Pauline Vasselle +33 (0) 1 43 23 07 31 pauline.vasselle@credit-agricole-sa.fr
Find all our press releases on: www.credit-agricole.com


1 Erough pooling of Leasys, long-term rental subsidy from FCA Bank, market leader in Italyy, and Free2Move Lease, a long-term rental activity historically covering the PSA brands.
2 15% return on normalized equity (RONE) in 2023, as announced at the CA Consumer Finance Investors Day in December 2020

  • Press release December 17, 2021


Source link