PARIS, FRANCE: Crédit Agricole Consumer Finance is investing €100 million in Cosmobilis, the holding company of ByMyCAR, the leading French car distribution group in Europe, which is expanding into new forms of mobility.
At the same time, the two partners are entering into exclusive negotiations to create a pan-European joint venture for their automotive financing activities.
Crédit Agricole Consumer Finance has affirmed its strategic ambition to develop car financing and encourage new forms of mobility, in line with the Crédit Agricole Group’s plan.
Its strategic development plan is designed to meet the new challenges of mobility and includes external growth operations in France and Europe, as well as the strengthening of its activities and the launch of new offers (subscriptions, ridesharing, online driving school, IT services dedicated to the automobile, etc.).
Cosmobilis’ objectives meet CA Consumer Finance’s priorities in the mobility sector. Crédit Agricole Consumer Finance therefore intends to support Cosmobilis’ development by subscribing to 100% of its capital increase, for an amount of €100 million, with the help of IDIA Capital Investissement, a subsidiary of the Crédit Agricole Group.
This transaction will enable Crédit Agricole Consumer Finance to become a strategic partner of this major player in car distribution.
At the same time, Crédit Agricole Consumer Finance and Cosmobilis will conduct exclusive negotiations to create a joint venture that would be involved in all of the car distributor’s financing activities in Europe and would eventually become the preferred financing partner, alongside the manufacturers’ captives.
This joint venture could be supported and its activity developed by the European platform that CA Consumer Finance plans to launch following the 100% takeover of its subsidiary FCA Bank.
The operational launch of the joint venture between CA Consumer Finance and Cosmobilis should take place in the first half of 2023.
The impact of this transaction on Crédit Agricole S.A.’s CET1 ratio would be negligible.
“Our project with Cosmobilis will enable us to strengthen our positions in the mobility market and will benefit from the expertise and tools of the European leader in automotive financing that we plan to create with the takeover of 100% of FCA Bank”, said Stéphane Priami, Deputy Chief Executive Officer of Crédit Agricole S.A. and CEO of CA Consumer Finance.
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