CREDIT AGRICOLE SA: Crédit Agricole Consumer Finance confirms ambition to be a major player in Spain by owning 100% of SoYou...
03 Juin 2021 - 8:00AM
CREDIT AGRICOLE SA: Crédit Agricole Consumer Finance confirms
ambition to be a major player in Spain by owning 100% of SoYou's
capital
Press
Release
Crédit Agricole Consumer Finance
confirms ambitionto be a major
player in
Spainby owning 100%
of SoYou's capital
Massy/Madrid,
3rd June 2021
- Crédit Agricole
Consumer Finance will take over 100% of
the capital of SoYou, their
consumer credit subsidiary created with
Bankia in Spain,
as part of the merger between
Bankia and Caixabank, and is
giving it a new strategy to speed up its
growth. The Bank
of Spain approved the deal on
1st
June.Crédit
Agricole Consumer Finance is thus
confirming its ambition to be a
major player in the Spanish
market. This deal is in line with
the strategy presented last December: to strengthen CA Consumer
Finance's leadership in the European consumer credit
market.
On 1st June 2021, the Bank of Spain approved the
acquisition by CA Consumer Finance of Bankia's 49% stake in SoYou.
The amount of the transaction is not public.
Accelerating growth in
Spain
Stéphane Priami, CEO of CA Consumer Finance and
Deputy CEO of Crédit Agricole S.A., in charge of the Specialised
Financial Services business line, welcomes “this agreement, which
reaffirms CA Consumer Finance's ambition to accelerate its growth
in Spain, the fourth largest market in continental Europe for
consumer credit. Spain is a market in which the Crédit Agricole
Group is expanding. It has established several of its businesses
there, including consumer finance and, more generally, those of the
Specialised Financial Services division. I would like to thank
Bankia's teams for the constructive and transparent spirit that has
driven our cooperation. "
CA Consumer Finance has defined a new strategy
to accelerate the growth of SoYou. Its subsidiary will be equipped
with a complete range of services to better support CA Consumer
Finance's pan-European partners in the Spanish market.
"We are confident in CA Consumer Finance's
ability to continue the development of SoYou. It’s been a pleasure
to work together over the last years”, add CaixaBank resources.
At 31 December 2020, SoYou had 108 employees and
managed €103 million in outstanding loans.
CA Consumer Finance Press
office: +33 (0)1 87 38 15 87 -
presse@ca-cf.fr
About Crédit Agricole Consumer
Finance:
Crédit Agricole Consumer Finance, Crédit
Agricole SA's consumer credit subsidiary, distributes a broad range
of consumer credit and related services for distribution channels
as a whole: direct sales, point-of-sale financing (automotive and
home appliances) and partnerships. Present alongside major
distribution, specialised distribution and institutional brands in
the 19 countries where it operates, CA Consumer Finance offers its
partners solutions that are flexible, responsible and ideally
suited 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. At 31 December 2020, CA Consumer Finance
managed €91 billion in outstanding loans.Learn more:
www.ca-consumerfinance.com
- 2021 06 03 Crédit Agricole Consumer Finance confirms ambition
to be a major player in Spain by owning 100% of SoYou's
capital
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