Crédit Agricole Consumer Finance and Bankia:Agreement to set a joint-venture in consumer finance in Spain

Following the exclusive negotiations started on 7 March 2018, Crédit Agricole Consumer Finance, a leading consumer finance group in Europe, and Bankia, the fourth largest bank in Spain, signed today an agreement to set up a joint-venture in the consumer finance business in Spain. Crédit Agricole Consumer Finance will be the majority shareholder in this joint-venture.

For Crédit Agricole Consumer Finance, this exclusive partnership aims at accelerating the setting up of its presence in Spain, the fourth largest consumer finance market in the Eurozone, thanks to Bankia’s large customer base and strong knowledge of the Spanish market. It will provide Bankia with a subsidiary dedicated to consumer finance and add a growth market to its portfolio of business activities in Spain, by benefitting from the experience in this type of partnership of Crédit Agricole Consumer Finance, one of the European leaders in consumer finance.

This agreement is subject to obtaining the relevant anti-trust clearance and regulatory authorisations.