By Cristina Roca 
 

Stellantis NV and Credit Agricole SA have joined forces on long-term car leasing, they said Friday.

The two companies intend to set up a joint venture, with the aim of managing a fleet of more than 1 million vehicles by 2026, making it one of the top five European companies in long-term leasing.

The French bank's consumer finance unit would also establish a wholly owned multi-rand operator in automotive financing, leasing and mobility. CA Consumer Finance would take over 100% of the capital of FCA Bank--which it jointly developed with Fiat Chrysler--and Leasys Rent.

The companies would go ahead with the implementation of their joint plans in the first half of 2023 after consulting with employee representatives and receiving the green light from the relevant authorities.

The deal would be overall neutral for the French bank's common equity Tier 1 ratio--a measure of its capital strength.

 

Write to Cristina Roca at cristina.roca@wsj.com

 

(END) Dow Jones Newswires

December 17, 2021 02:36 ET (07:36 GMT)

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