on CREDIT AGRICOLE (EPA:ACA)
Credit Agricole SA Bolsters Electric Vehicle Growth in China
Crédit Agricole Personal Finance & Mobility has finalized a significant equity acquisition with GAC Leasing, forming Guangzhou GAC-Sofinco Finance Leasing Co Ltd. This move strengthens its partnership with Guangzhou Automobile Group Co., Ltd. (GAC Group), facilitating financial and operational leasing solutions in the Chinese market in 2025. The joint venture aims to drive electric vehicle deployment across China.
The partnership has been in place since 2009 with the creation of GAC-Sofinco AFC. Now, Crédit Agricole becomes a 50% shareholder following a reserved capital increase. This enhances the leasing offerings available to Chinese customers, boosting electric vehicle sales which currently make up 60% of their leasing contracts.
Stéphane Priami, CEO, stated that the long-standing partnership with GAC Group is crucial for supporting the dynamic electric vehicle market in China. With all necessary regulatory approvals obtained, the financial impact on Crédit Agricole's CET1 ratio will be minimal.
R. E.
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