SOFINCO completes the acquisition of INTERBANK and DMC Groep

SOFINCO has bought out two ABN AMRO subsidiaries, INTERBANK N.V. and DMC Groep N.V., in accordance with the agreement announced in July.

INTERBANK N.V. is the leading consumer credit provider in the Netherlands, with 2 billion euros under management at end-2006. Its products are distributed through a network of brokers. DMC Groep N.V. is the country’s third largest consumer credit broker, with an intermediated portfolio of 217 million euros at end-2006.

With these acquisitions, SOFINCO, which already operates on the Dutch market through its subsidiary Ribank, is now the leading consumer credit specialist in the Netherlands, with 14 per cent market share. SOFINCO wants to pursue and develop INTERBANK’s strategy for independent brokers.

The deal is part of SOFINCO’s international development strategy, which has two aims: to consolidate a leadership position in Europe and to become one of the top three players on each of its markets. It already ranks number one in Greece, Portugal, the Netherlands and Morocco, and number two in Italy.

SOFINCO is a consumer credit subsidiary of Crédit Agricole S.A. within the Group’s Specialised Financial Services business area. It had 57.4 billion euros under management at 30 September 2007, with international operations accounting for 55 per cent thanks to its presence in 19 countries.

SOFINCO’s international business is expanding strongly - assets under management increased by 284 per cent between 2001 and 2006 - as a result of a three-pronged strategy:
 fostering organic growth, with a 25 per cent like-for-like rise in assets under management between 2005 and 2006;
 developing partnerships with general retailers, specialised retailers and carmakers, such as the deal in December 2006 with Fiat Group Automobiles Financial Services;
 setting up new businesses or acquiring existing ones, such as the creation of Sofinco Saudi Fransi in Saudi Arabia at the beginning of the year.