Crédit Agricole and Stellantis launch new leasing companies
Credit Agricole Consumer Finance goes mobility with the launch of two new leasing entities: Crédit Agricole Auto Bank for consumer leasing activities and the new Leasys, which merges the activities of Leasys and Stellantis' Free2move Lease, and focuses on operational leasing with business customers.
Credit Agricole Consumer Finance has announced its ambition to become a multi-brand vehicle financing and leasing company, following the completion today (5 April) of its takeover of FCA Bank.
Crédit Agricole has acquired the 50% stake in FCA Bank Group that was previously owned by automotive manufacturing group Stellantis (whose brands include Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, Fiat, Jeep, Lancia, Maserati, Opel, Peugeot, Ram and Vauxhall) to create Crédit Agricole Auto Bank. Crédit Agricole states that CA Auto Bank will not be a captive but will operate multi-brand with more than 30 brands in its portfolio.
CA Auto Bank has set itself ambitious twin targets to have at least €10 billion in outstandings (loans) by 2026, and to become the European leader in green mobility. Its goal is for 80% of the new vehicles that it finances to be either electric or hybrid.
Stéphane Priami, Crédit Agricole S.A. Deputy General Manager in charge of Specialised Financial Services and CEO of Crédit Agricole Consumer Finance said that the move from Crédit Agricole to partner with Stellantis is an important but logical move. The decision to invest in vehicle and mobility leasing is driven by key market trends like the move from ownership to usership, the digital business transformation, the consolidation of the automotive and lease market, and the acceleration of new and emission-friendly powertrains.
Crédit Agricole Fact File
The Crédit Agricole group is the 10th largest bank in the world, and has the largest customer base in Europe.
CA Auto Bank includes its subsidiary Drivalia, which specialises in vehicle rental and mobility. The bank will operate in all sectors of mobility, from automotive to two-wheelers, leisure, marine and agriculture, as well as light and heavy commercial vehicles.
CA Auto Bank is part of Crédit Agricole Consumer Finance group, which now has more than 10,000 employees and covers 19 countries.
Multi-brand leasing company
Credit Agricole Consumer Finance has also entered a 50:50 joint venture with Stellantis to create a new multi-brand leasing company, called Leasys.
Leasys recently consolidated its operations with Free2move Lease and has given itself the objective of leasing one million vehicles by 2026. Today the company manages 828,000 vehicles across 11 markets in Europe, taken together the fleets of Leasys and Free2move Lease. It recently announced the acquisition of ALD’s operations in Portugal and LeasePlan’s activities in Luxembourg.
Rolando D'Arco, CEO of Leasys (pictured right) said that he is confident the company's fleet will reach one million vehicles by 2026, increasing its value by 50%. Furthermore, he expects a growth of around 30% of the international organizational structure over the next three years. By then he also aims to have 1 EV for every 2 vehicle contracts.
Stellantis Financial Services
Stellantis’s Dare Forward 2030 strategic plan highlighted the OEM’s desire to to strengthen its financial services arm and double its banking income by the end of the decade.
In a further move, the manufacturing giant has created Stellantis Financial Services (formerly Banque PSA Finance). This establishes a single financing entity per country covering all Stellantis brands, in partnership with either BNP Paribas Personal Finance or Santander Consumer Finance.
Philippe de Rovira, Stellantis Chief Affiliates Officer, said: “Today marks the birth of Stellantis Financial Services, a major player in European automotive financing, and of the new consolidated Leasys. This simplification allows for superior agility to serve our customers, better support of the commercialisation across Stellantis brands, and strengthened competitiveness by leveraging various synergies.”