- 3 min
Issy-les-Moulineaux, 13 April 2010
On 24th March last, the general shareholders' meetings of Crédit Agricole Leasing and Eurofactor approved the formation of Crédit Agricole Leasing & Factoring, the specialized financing subsidiary of the Crédit Agricole group serving the needs of businesses, self-employed professionals, farmers and local authorities.
The purpose of this merger, initiated in 2009, is to make these two lines of business more powerful and responsive to better meet their clients' needs. The birth of Crédit Agricole Leasing & Factoring also materializes a process aimed at consolidating the international presence of these lines of business.
Crédit Agricole Leasing & Factoring is the leading leasing and factoring firm in France, respectively having a 20.6% and 22.8% share of these two markets.
At international level, with its 13 entities in 11 countries in Europe and North Africa, Crédit Agricole Leasing & Factoring is a leading player, in particular in Poland, where it is the number 1 leasing firm, and in Germany, where it is the fourth largest factoring firm.
The net banking income of these two lines of business totals 517 million euros for a volume of current funding in excess of 20 billion euros (aggregate figures at 31/12/2009).
According to Olivier Toussaint, Chief Executive Officer of Crédit Agricole Leasing & Factoring: “With the Crédit Agricole Leasing and Eurofactor merger we are reinforcing the Crédit Agricole group's intention to be a front runner in raising finance for businesses and professionals over the long term.”