ACA Credit Agricole SA

   By Cristina Roca 
 

Credit Agricole SA is investing in a car distribution and mobility company and looking to set up an automotive-financing joint venture.

The French bank's consumer-credit subsidiary said Wednesday it will subscribe to 100% of Cosmobilis's capital increase for 100 million euros ($112.9 million).

Cosmobilis is the holding company of ByMyCAR, a French car-distribution group that is expanding into new forms of mobility offerings, such as subscriptions, ridesharing, an online driving school and information-technoloogy services.

Credit Agricole Consumer Finance and Cosmobilis are also entering exclusive negotiations to set up a pan-European joint venture. The venture would be involved in all of Cosmobilis's financing activities in Europe, and would eventually become its preferred financing partner, Credit Agricole said.

The platform that the bank plans to launch after striking a deal to buy Stellantis NV out of FCA Bank--which offers financing for car purchases--earlier this week can support the new venture, Credit Agricole said.

The joint venture with Cosmobilis should launch in the first half of 2023, Credit Agricole said.

Write to Cristina Roca at cristina.roca@wsj.com

(END) Dow Jones Newswires

December 22, 2021 02:02 ET (07:02 GMT)

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