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Extension of the FGA Capital auto financing partnership between Fiat Group Automobiles and Crédit Agricole SA
Fiat Group Automobiles ("FGA"), Crédit Agricole S.A. ("CASA") and Crédit Agricole Consumer Finance (CACF) have reached an agreement for the extension of their 50/50 Joint Venture in FGA Capital ("FGAC") up to 31 December 2021.
CACF and FGA have agreed to extend the term of their alliance in respect of FGAC to ensure the long term sustainability of FGAC, the captive finance company that handles FGA's main financing activities in retail auto financing, dealership financing, long-term car rental and in fleet management. This activity is geographically well diversified among the main European countries.
FGAC will continue to benefit from the financial support of Crédit Agricole S.A. while continuing to strengthen its position as an active player in the securitisation and debt markets.
About Crédit Agricole Consumer Finance
With 73.2 billion euros under management at end 2012 and a presence in 23 countries, Crédit Agricole Consumer Finance, formed from the merger of Sofinco and Finaref on 1 April 2010, is a major European player in consumer credit. Present in France principally via the Sofinco, Viaxel and Creditlift Courtage brands, Crédit Agricole Consumer Finance offers a wide range of personal credit solutions and related services across the full range of distribution channels: direct selling, point-of-sale financing (automobiles and home equipment), and partnerships. Working alongside the biggest names in distribution and specialised retailing and with major institutions in the countries where it operates, Crédit Agricole Consumer Finance is a key business partner.