Monday 27 March 2023

French loans services provider Crédit Agricole Consumer Finance has partnered with Netherlands-based automotive manufacturer Stellantis to acqure vehicle leasing company's ALD and LeasePlan's activities in six European countries, the company said.

Crédit Agricole Consumer Finance will acquire ALD's activities in Ireland, Norway and Portugal, as well as LeasePlan's activities in the Czech Republic, Finland and Luxembourg, representing a total fleet of more than 100,000 vehicles and total leasing assets of approximately EUR 1.7 bn.

This announcement follows ALD's proposed acquisition of 100% of LeasePlan announced in January 2022, and constitutes an immediate acceleration of the two groups' ambitions in mobility and vehicle long-term leasing.

This announcement follows on from the partnership agreements between Crédit Agricole Consumer Finance and Stellantis and announced on December 2021 regarding the creation of a common NewCo, a European leader in long-term vehicle leasing, and the takeover by CA Consumer Finance of 100% of FCA Bank's capital.

These disposals would take place according to the commitments made by ALD to the European Commission in connection with the proposed acquisition of LeasePlan by ALD.

The acquisition would be carried out by FCA Bank.

This transaction would consolidate the partnership between Crédit Agricole Consumer Finance and Stellantis and accelerate the development of the two companies in strategic European countries, in line with the ambitions of the two companies to be ranked among the European leaders in automotive financing.

Crédit Agricole Consumer Finance, Crédit Agricole S.A.'s consumer credit subsidiary, distributes (in France, mainly through its Sofinco brand) a wide range of loans and related services through all distribution channels.