By Marc Navarro Gonzalez

Credit Agricole SA's (ACA.FR) subsidiary, Credit Agricole Consumer Finance, and Bankia SA (BKIA.MC) have agreed to set up a joint venture in consumer finance in Spain, the banks said Monday.

In a statement, the two lenders said Credit Agricole Consumer Finance will be the majority shareholder in the joint venture. They said the partnership will help the Credit Agricole subsidiary establish its presence in Spain, while providing Bankia with a subsidiary dedicated to consumer finance.

Write to Marc Navarro Gonzalez at marc.navarro@dowjones.com

(END) Dow Jones Newswires

May 28, 2018 12:46 ET (16:46 GMT)

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