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Crédit Agricole Leasing expands its business in Italy
Crédit Agricole S.A.'S specialised leasing arm, Crédit Agricole Leasing, acquired a company belonging to Leasint, Intesa Sanpaolo's leasing subsidiary. The acquisition finalises an agreement entered into on 28 March 2008 by Crédit Agricole Leasing with Intesa Sanpaolo and Leasint.
The company, now called Crédit Agricole Leasing Italia, already has a leasing book of €1.4 billion comprising business introduced by Cariparma and FriulAdria (Crédit Agricole group's retail banks in Italy), which was previously carried by Leasint.
The acquisition gives Crédit Agricole Leasing a strong foothold in Italy, Europe's third biggest leasing market1, supported by Crédit Agricole's branch network in Italy.
Crédit Agricole Leasing Italia, which has almost 50 employees, will provide real estate leasing facilities (60% of outstandings) and equipment leasing facilities, distributed by Cariparma and FriulAdria, two banks with a strong presence in the corporate and small business market.
Olivier Toussaint, Chief Executive of Crédit Agricole Leasing, commented: "Crédit Agricole Leasing continues its international expansion after acquiring a 20% stake in Greek company Emporiki Leasing in October. This acquisition is a perfect illustration of Crédit Agricole's business model, which is based on strong integration between its retail bank networks and its specialist finance arms to create value across the entire banking chain, both in France and internationally".
Crédit Agricole Leasing, a wholly-owned subsidiary of Crédit Agricole S.A, is the Crédit Agricole Group's specialised leasing arm in France and abroad.
In France, Crédit Agricole Leasing provides leasing facilities to 115,000 corporate, small business and farming customers. In 2007, new lending in France amounted to €4.1 billion and outstandings moved above the €12 billion mark this year. Growth continues apace in 2008, with new lending at end September 2008 amounting to €3.35 billion, an increase of 23% over the same period of 2007.
In the international markets, Crédit Agricole Leasing operates in Poland, Greece, Spain, Morocco and Armenia. New international lending amounted to €1 billion in 2007 and €830 million at end September 2008, an increase of 24% over the same period of 2007.