Transaction Overview - Crédit Agricole Personal Finance & Mobility plans to acquire 50% equity in GAC Leasing through a reserved capital increase, forming a joint venture to support GAC Group's growth in China [1][2] - The joint venture aims to offer financial and operational leasing solutions in China by 2025, promoting electric vehicle deployment [1] - This transaction strengthens the existing partnership between Crédit Agricole Personal Finance & Mobility and GAC Group, which began in 2009 with the creation of GAC-Sofinco AFC [1] Market Impact - The joint venture will enhance leasing offerings for Chinese customers, stimulating electric vehicle sales, which already account for 60% of GAC Leasing's portfolio of over 200,000 vehicles [3] - The transaction is expected to have a very limited impact on the CET1 ratio of Crédit Agricole S A and the Crédit Agricole group [3] Strategic Significance - The partnership reaffirms the long-standing collaboration between Crédit Agricole Personal Finance & Mobility and GAC Group, focusing on the dynamic electric vehicle market in China [4] - GAC Group was the 4th largest automotive group in China in 2023, selling over 2 5 million vehicles globally, with 39 90% of sales being electrified vehicles [4] Company Background - Crédit Agricole Personal Finance & Mobility is a leader in personal financing and mobility solutions in Europe, offering a wide range of financing and mobility services across 22 countries [5][6] - The company manages €113 billion in outstanding credit as of December 31, 2023, and aims to lead in electric mobility in Europe [6]
Credit Agricole Sa: Crédit Agricole Personal Finance & Mobility takes a stake in GAC Leasing to support the growth of GAC Group sales in China