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Crédit Agricole Personal Finance & Mobility has acquired a 50% stake in GAC Finance Leasing Co. Ltd., now rebranded as Guangzhou GAC-Sofinco Finance Leasing Co Ltd, enhancing electric vehicle financing in China. This partnership, dating back to 2009, aims to support the growing demand for sustainable mobility, with EVs comprising 60% of the leasing contracts and a portfolio of over 200,000 vehicles. The transaction received all necessary regulatory approvals and is expected to have a minimal impact on the CET1 ratio of Crédit Agricole S.A. and the broader group.
Crédit Agricole Personal Finance & Mobility has acquired a 50% stake in GAC Leasing, forming Guangzhou GAC-Sofinco Finance Leasing Co. Ltd., aimed at revolutionizing electric vehicle leasing in China. With 60% of new contracts for EVs, this partnership enhances financing options, supports local manufacturers, and aligns with sustainability goals, driving economic growth and cleaner transportation.
As of December 31, 2023, CA Personal Finance & Mobility managed €113 billion in credit. The company has finalized a joint venture with GAC Group, acquiring 50% of GAC Finance Leasing to enhance electric vehicle leasing solutions in China, where electric vehicles constitute 60% of their leasing contracts. This partnership, established in 2009, aims to support the growing electric vehicle market in China, leveraging GAC Group's significant automotive presence.
Stéphane Priami
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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18:03 27.01.2025
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