All French deals on cars: Crédit Agricole grabs FCA Bank
CA Auto Bank is born in Turin, Crédit Agricole bets that the mobility of the future will be leased. Stellantis then confirmed the entry into force of the agreements with Bnp Paribas Personal Finance and Santander Consumer Finance
Two watchwords: leasing and electric cars. It is the market that the French of Crédit Agricole Consumer Finance have been aiming for since 2021 , which have now purchased the remaining 50% of the capital of Fca Bank and the Leasys Rent (today Drivalia) rental from Stellantis, giving life to Crédit Agricole Auto Bank. The new company, with headquarters in Turin where FCA Bank obtained the banking license in 2015, will actually be unrelated to offices and branches, boasting of being a totally digital bank, with 1,900 employees present in 17 European countries plus Morocco.
THE MOVES SO FAR (AND THOSE VENTURES)
As far as long-term rentals are concerned, the competence remains with Leasys, a 50-50 joint venture with Stellantis and to which the former Lingotto has granted Free2Move Lease as a dowry, in the awareness that the automotive sector is experiencing a period of radical transformation given not only from the energy transition but also from the use of cars (we talked about it here ). In short, in the near future the desire to own a car will fade, either due to the costs, or due to the increasingly convenient offers on the leasing front.
In terms of long-term rentals, the goal is to have a fleet of one million vehicles by 2026 (together, Leasys and Free2move Lease currently represent a fleet of around 828,000 vehicles).
To this end, a few weeks ago, in March, the joint venture between Stellantis and Crédit Agricole Consumer Finance announced the signing of a binding agreement for the acquisition of the activities of ALD and LeasePlan respectively in Portugal and Luxembourg for a total of about 30,000 vehicles.
THE OTHER AGREEMENTS AT BIKE
Stellantis then confirmed the entry into force of the agreements with BNP Paribas Personal Finance, Crédit Agricole Consumer Finance and Santander Consumer Finance. Banque PSA Finance has been renamed Stellantis Financial Services and will be represented by a single financial entity in each country that will manage all Stellantis brands, in partnership with BNP Paribas Personal Finance and Santander Consumer Finance.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/tutti-gli-affari-francesi-sulle-auto-credit-agricole-agguanta-fca-bank/ on Wed, 05 Apr 2023 11:01:55 +0000.