Crédit Agricole Consumer Finance is pursuing its ambition
in the mobility market and acquires a stake
in the leading French car distributor in Europe
Crédit Agricole Consumer Finance has affirmed its strategic ambition to develop car financing and encourage new types of mobility, in line with the Crédit Agricole Group’s plan. In this context, CA Consumer Finance is investing €100 million in Cosmobilis, the holding firm of ByMyCAR, the leading French car distribution group in Europe, which is increasing into new types of mobility. At the similar time, the two companions are coming into into unique negotiations to create a pan-European three way partnership for his or her automotive financing actions.
Shared priorities
The Cosmobilis group’s exercise is organised round 4 pillars:
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car distribution by way of a community of name dealerships underneath the BYmyCAR model,
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digital car distribution via the Elite Auto and Proxauto platforms,
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En Voiture Simone, the first accepted on-line driving faculty,
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GOA, a new model that may provide car mobility companies, together with the ridesharing companies of the Marcel firm.
Its strategic improvement plan is designed to fulfill the new challenges of mobility and consists of exterior development operations in France and Europe, in addition to the strengthening of its actions and the launch of latest affords (subscriptions, ridesharing, on-line driving faculty, IT companies devoted to the car, and so forth.).
Cosmobilis’ goals meet CA Consumer Finance’s priorities in the mobility sector. CA Consumer Finance due to this fact intends to help Cosmobilis’ improvement by subscribing to 100% of its capital improve, for an quantity of €100 million, with the assist of IDIA Capital Investissement, a subsidiary of the Crédit Agricole Group. This transaction will allow CA Consumer Finance to turn out to be a strategic companion of this main participant in car distribution.
A three way partnership undertaking for financing
At the similar time, CA Consumer Finance and Cosmobilis will conduct unique negotiations to create a three way partnership that will be concerned in all of the car distributor’s financing actions in Europe and would ultimately turn out to be the most popular financing companion, alongside the producers’ captives. This three way partnership might be supported and its exercise developed by the European platform that CA Consumer Finance plans to launch following the 100% takeover of its subsidiary FCA Bank1.
The operational launch of the three way partnership between CA Consumer Finance and Cosmobilis ought to happen in the first half of 2023.
The influence of this transaction on Crédit Agricole S.A.’s CET1 ratio can 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“, mentioned Stéphane Priami, Deputy Chief Executive Officer of Crédit Agricole S.A. and CEO of CA Consumer Finance.
Contact CA Consumer Finance : +33 (0)1 87 38 11 81 – presse@ca-cf.fr
About Crédit Agricole Consumer Finance
Crédit Agricole Consumer Finance, Crédit Agricole S.A.’s client credit score subsidiary, distributes (in France, primarily via its Sofinco model) a big selection of loans and associated companies via all distribution channels: direct gross sales, point-of-sale financing (automotive and family gear) and partnerships. Alongside main retailers and establishments in the 19 international locations the place it operates, CA Consumer Finance affords its companions versatile and accountable options tailor-made to their wants and these of their clients. Excellence in buyer relationships, empowered groups for patrons and dedication to society are the pillars that make CA Consumer Finance a group working every single day in the curiosity of its 15 million clients and society. As of 31 December 2020, CA Consumer Finance managed €91 billion in excellent loans, 46% of which was in car financing.
Learn extra: www.ca-consumerfinance.com
1 CA Consumer Finance intends to develop a pan-European multi-brand participant in car financing, leasing and mobility, based mostly on the experience of FCA Bank, which might be absolutely acquired and intention at managing €10 billion in outstandings by 2026. This transaction would happen in the first half of 2023.
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