Crédit Agricole will merge its entities dedicated to automobile financing to “create the future leader in mobility financing in France”, with a target of 3.2 billion euros in loans granted in 2026, according to a press release from the bank published Friday.
From January 1, 2024, Sofinco Auto Moto Loisirs will join Crdit Agricole Auto Bank (the former FCA Bank of Fiat-Chrysler), explains the group.
The first has a strong commercial network in France, a recognized quality of service and expertise in all markets while the second has complementary assets: the pan-European dimension of the brand, tools and optimized digital services, its expertise as a former captive of the FCA group and its ability to innovate, specifies the press release.
The new entity will have more than 400 employees and will become, according to the group, the 2nd player in the French market, behind Socit Générale. It aims to become the leader in automobile financing and mobility in France by 2026 with 3.2 billion euros in production.
This reshuffle takes place in a context where banks are investing more and more in mobility.
At the beginning of the month, Crdit Agricole Consumer Finance, a subsidiary of the bank dedicated to consumer credit, became the majority shareholder of Hiflow, a company specializing in the delivery of individual vehicles.
Banks are also rapidly developing their long-term rental offering: ALD, a subsidiary of Socit Generale dedicated to this activity, acquired LeasePlan for 4.8 billion euros, becoming number 1 in the sector.
In its press release, Crdit Agricole Consumer Finance emphasizes its desire to establish itself as a leader in car leasing in banking networks with Agilauto, and also intends to differentiate itself through services such as concierge services or car sharing.