Crédit Agricole and Stellantis acquire car leasing businesses in six European countries

PARIS, FRANCE: Crédit Agricole Consumer Finance, a subsidiary of Crédit Agricole S.A. and a leading provider of consumer credit in Europe, has announced that it has completed the acquisition of car leasing businesses in six European countries from ALD and LeasePlan, in partnership with Stellantis, a global automaker formed by the merger of Fiat Chrysler Automobiles and PSA Group.

The acquisition, which was carried out by Drivalia, CA Auto Bank’s rental and mobility company, and Leasys, a joint venture owned equally by Stellantis and CA Consumer Finance, involves ALD’s activities in Ireland, Norway and Portugal, as well as LeasePlan’s activities in the Czech Republic, Finland and Luxembourg.

The deal represents a total fleet of more than 100,000 vehicles and total leasing assets of approximately 1.7 billion euros.

The acquisition follows the commitments made by ALD to the European Commission in connection with the proposed acquisition of LeasePlan by ALD.

The transaction consolidates the partnership between Crédit Agricole Consumer Finance and Stellantis and accelerates the development of the two companies in strategic European countries, in line with their ambitions to be ranked among the European leaders in automotive financing.

CA Consumer Finance aims to make the entity formed by CA Auto Bank and Drivalia a pan-European leader in car financing, rental, leasing and mobility.

Moreover, Leasys aims to increase its fleet to one million vehicles by 2026 and to join the top 3 in the European LTR market by 2026.

The transaction has a positive impact on Crédit Agricole Consumer Finance’s net income and is expected to generate a Return on Investment in line with the Group’s policy. The impact on Crédit Agricole S.A.’s CET1 ratio will be below 10 basis points.

Stéphane Priami, Chief Executive Officer of Crédit Agricole Consumer Finance and Deputy General Manager of Crédit Agricole S.A. in charge of the Specialized Financial Services division, said: “The acquisition of these six entities, together with Stellantis, is a great opportunity to accelerate our development and support the ambitions of Leasys and CA Auto Bank. This operation allows us to expand our European geographical footprint and demonstrates our desire to support the fundamental movement in terms of use and the evolution of consumption patterns in mobility.”

Crédit Agricole Consumer Finance invests €100mn in Cosmobilis

Stellantis to acquire 33.3% stake in hydrogen fuel cell maker Symbio