CREDIT AGRICOLE SA: Crédit Agricole Consumer Finance and Stellantis signed binding agreements for their strengthened partnership
April 01 2022 - 2:30AM
CREDIT AGRICOLE SA: Crédit Agricole Consumer Finance and Stellantis
signed binding agreements for their strengthened partnership
Press Release
Massy, 1st April 2022.
Crédit
Agricole Consumer Finance and Stellantis
signed binding
agreements for their strengthened partnership
In accordance with the
announcements of 17 December 2021
and following the opinion
of the staff representative bodies, CA
Consumer Finance and Stellantis
have signed binding
agreements providing for the creation of a
European leader in operational
car leasing and the acquisition by CA Consumer Finance of
100% of the capital of FCA Bank and Leasys Rent.
On the one hand, the agreement provides for the creation by the
two partners of a pan-European leader in long-term car leasing by
pooling Leasys and Free2Move Lease. Today, Leasys (363,000 vehicles
in the fleet at the end of 2021) is the leasing subsidiary of FCA
Bank1, the market leader in Italy, and Free2Move Lease (444,000
vehicles in the fleet at the end of 2021) operates the leasing
activity of Stellantis for the PSA and Opel brands. Owned equally
by CA Consumer Finance and Stellantis, this new multi-brand leasing
joint venture will serve all customers, both companies and
individuals, in ten European countries, and aims to develop a fleet
of over one million vehicles by the end of 2026. This exclusive
partnership between CA Consumer Finance and Stellantis will enable
them to immediately become one of the top five players in
Europe.
On the other hand, CA Consumer Finance will
acquire 100% of the capital of FCA Bank2 and Leasys Rent, with the
ambition of making it a pan-European player in car financing,
leasing and mobility, with a target of €10 billion in outstandings
by 2026.
“I am very pleased with the progress made in
redefining the focus of our cooperation with Stellantis, said
Stéphane Priami, Deputy Chief Executive Officer of Crédit Agricole
S.A. and CEO of CA Consumer Finance. The ambitious partnership we
are building together will bring profitable, sustainable and
diversified growth. The Crédit Agricole Group will create a
European leasing leader with Stellantis and will have a 100%
innovative car financing platform that will enable it to serve all
market players in 18 countries, including white labels, with a
comprehensive and operational offer.”
The required transactions should be completed
during the first half of 2023 once the required authorization has
been obtained from the relevant anti-trust authorities and market
regulators.The impact of the transaction on Crédit Agricole SA's
CET1 will be neutral overall. The financial terms of this
transaction will also allow CA Consumer Finance to maintain a high
level of earnings until the targets are reached in 2026.
Contact CA Consumer
Finance : +33 (0)1 87 38 11 81 -
presse@ca-cf.fr
About Crédit Agricole Consumer
FinanceCrédit Agricole Consumer Finance, Crédit Agricole
S.A.'s consumer credit subsidiary, distributes (in France, mainly
through its Sofinco brand) a wide range of loans and related
services through all distribution channels: direct sales,
point-of-sale financing (automotive and household equipment) and
partnerships. Alongside major retailers and institutions in the 19
countries where it operates, CA Consumer Finance offers its
partners flexible and responsible solutions tailored to their needs
and those of their customers. Excellence in customer relationships,
empowered teams for customers and commitment to society are the
pillars that make CA Consumer Finance a group working every day in
the interest of its 15 million customers and society. As of 31
December 2021, CA Consumer Finance managed €92.5 billion in
outstanding loans, 46% of which was in automobile financing.Learn
more: www.ca-consumerfinance.com
1 Over the past 15 years, CA Consumer Finance
and Fiat Chrysler Automobiles have jointly developed a major player
in automotive financing: FCA Bank.2 The Stellantis Group will also
retain partial exposure to certain FCA Bank portfolios in run-off
and the associated results.
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