Crédit Agricole Consumer Finance announces its intention to acquire ALD and LeasePlan’s activities in six European countries with Stellantis
Crédit Agricole Consumer Finance announces the signing of an acquisition agreement with Stellantis for six European subsidiaries of ALD and LeasePlan, following the acquisition of 100% of the capital of LeasePlan by ALD, announced in January 2022. This operation allows an immediate acceleration of the development ambitions of both groups in mobility and long-term car rental.
Crédit Agricole Consumer Finance and Stellantis concerning the creation of a joint NewCo, the European leader in automotive LLD, and the 100% takeover of FCA Bank by the Consumer Finance division.
In addition, Crédit Agricole Consumer Finance is proud to announce with Stellantis the signing of an agreement to sell 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 a total outstanding amount of approximately €1.7 billion. These divestments would be made in accordance with the commitments made by ALD in the context of the European Commission’s authorisation of the merger between ALD and LeasePlan.
The acquisition is carried out by FCA Bank, followed by a subsequent division of the acquired scope between:
On the one hand, NewCo resulting from the pooling of the activities of Leasys and Free2Move Lease and owned equally by Consumer Finance and Stellantis, which would host the activities of ALD in Portugal and LeasePlan in Luxembourg for a total of about 30,000 vehicles;
On the other hand, the whole formed by the takeover by Crédit Agricole Consumer Finance of 100% of the capital of FCA Bank and Drivalia, which would host the activities of ALD in Ireland and Norway and LeasePlan in the Czech Republic and Finland for a total of more than 70,000 vehicles.
This transaction would consolidate the partnership between Crédit Agricole Consumer Finance and Stellantis and accelerate the development of the two companies in strategic countries in Europe, in line with the ambitions of the two companies to be among the European leaders in automotive financing.
NewCo aims to increase its fleet to one million vehicles by 2026. Together, Leasys and Free2move Lease now represent a fleet of nearly 828,000 vehicles.
Consumer Finance also aims to make the group formed by FCA Bank and Drivalia a pan-European player in car finance, leasing and mobility, with a target of €10 billion in assets under management in 2026.
The acquisition of these six entities, together with Stellantis, is a great opportunity for us. Opportunity to seal our new partnership with Stellantis by looking together at a structuring development but also an opportunity to significantly accelerate the achievement of our goal of becoming one of the European leaders in the field of leasing and mobility.
This transaction would have a positive impact on Crédit Agricole Consumer Finance’s results and should generate a return on investment in line with Group policy. The impact on Crédit Agricole S.A.’s CET1 ratio at the closing of the transaction would be less than 10 basis points.
Completion of the transaction, expected in 2023, is subject to the usual suspensive conditions in this area, in particular the completion of ALD’s acquisition of LeasePlan and obtaining the applicable regulatory approvals.
About Crédit Agricole Consumer FinanceCrédit Agricole Consumer Finance, a subsidiary specialising in consumer credit of Crédit Agricole S.A., distributes (in France, mainly via its Sofinco brand) a wide range of loans to individuals and associated services across all distribution channels: direct sales, point-of-sale financing (automotive and home equipment) and partnerships. Alongside major retail institutions and brands in the 19 countries where it operates, Consumer Finance offers its partners flexible, responsible solutions tailored to their needs and those of their customers. Relational excellence, local responsibility and societal commitment are the pillars that make Consumer Finance a group that acts every day in the interest of its 15 million customers and society. At December 31, 2022, Consumer Finance managed €103 billion in outstanding loans, 40% of which were in the automotive financing sector.
For more information: www.ca-consumerfinance.comFor more information, please contact: Crédit Agricole Consumer Finance press service : Claire Garcia – +33 (0)1 87 38 11 81 – presse@ca-cf.fr