Crédit Agricole Consumer Finance is pursuing its ambition in the mobility market and acquires a stake in the leading French car distributor in Europe
December 22 2021 - 12:45AM
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 is
pursuing its ambitionin the
mobility market and acquires a
stakein the leading French car
distributor in Europe
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.
In this context, CA 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.
Shared prioritiesThe Cosmobilis
group's activity is organised around four pillars:
- automobile distribution via a
network of brand dealerships under the BYmyCAR brand,
- digital car distribution through
the Elite Auto and Proxauto platforms,
- En Voiture Simone, the first
approved online driving school,
- GOA, a new brand that will offer
car mobility services, including the ridesharing services of the
Marcel company.
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. CA 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 CA Consumer
Finance to become a strategic partner of this major player in car
distribution.
A joint venture project for
financingAt the same time, CA 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 Bank1.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.
Contact CA Consumer
Finance : +33 (0)1 87 38 11 81 -
presse@ca-cf.fr
About Crédit Agricole Consumer
FinanceCrédit 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: direct sales,
point-of-sale financing (automotive and household equipment) and
partnerships. Alongside major retailers and institutions in the 19
countries where it operates, CA Consumer Finance offers its
partners flexible and responsible solutions tailored to their needs
and those of their customers. Excellence in customer relationships,
empowered teams for customers and commitment to society are the
pillars that make CA Consumer Finance a group working every day in
the interest of its 15 million customers and society. As of 31
December 2020, CA Consumer Finance managed €91 billion in
outstanding loans, 46% of which was in automobile financing.Learn
more: www.ca-consumerfinance.com
1 CA Consumer Finance intends to develop a pan-European
multi-brand player in car financing, leasing and mobility, based on
the expertise of FCA Bank, which would be fully acquired and aim at
managing €10 billion in outstandings by 2026. This transaction
would take place in the first half of 2023.
- EN_2021-12-22_PR CA CF x Cosmobilis
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