Credit Agricole, Stellantis to Set Up Auto Leasing Joint Venture
December 17 2021 - 2:51AM
Dow Jones News
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)
Copyright (c) 2021 Dow Jones & Company, Inc.
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