Credit Agricole Sa: Crédit Agricole Consumer Finance and Fiat Chrysler Automobiles extend their FCA Bank joint venture until...
19 Juli 2019 - 7:50PM
Credit Agricole Sa: Crédit Agricole Consumer Finance and Fiat
Chrysler Automobiles extend their FCA Bank joint venture until
December 2024
Press release
Crédit Agricole Consumer Finance and Fiat
Chrysler Automobiles extendtheir FCA Bank joint
venture until December 2024
Crédit Agricole Consumer Finance, a leading
consumer finance group in Europe, and Fiat Chrysler Automobiles
Italy (“FCA”), a global automaker agreed on 19 July 2019 to extend
their 50:50 joint venture company FCA Bank until 31 December
2024.
The renewal of the partnership between Crédit
Agricole Consumer Finance and FCA lays the grounds to further
enhance FCA Bank's profitability by continuing in its offer of
best-in class financial services.
The terms of the renewed agreement will allow
for an expansion of FCA Bank’s rental and innovative mobility offer
with the aim to further enlarge FCA Bank’s product range. In other
respects the terms of the renewed agreement are substantially the
same as those of the agreement in force, under which, FCA Bank more
than doubled its volumes and more than tripled its net results from
the start of this partnership, while efficiently managing its costs
and risks. In order to preserve FCA Bank’s value and long term
viability the agreement will be automatically renewed unless notice
of non-renewal is provided no later than three years before end of
the term. Consistent with the current agreement, a notice of
non-renewal would trigger certain put and call rights potentially
leading to the acquisition of FCA Bank by FCA to preserve its
support to FCA business; if such rights are not exercised, the
agreement will last until 31 December 2024.
With 18 markets and 18 brands managed, FCA Bank
is a leading player in Europe for financial solutions dedicated to
the automobile sector. FCA Bank obtained a full banking license in
2015. FCA Bank offers a complete range of financial products and
services to FCA Group brands and various other prestigious
Automotive Groups that include Jaguar Land Rover, Ferrari, Aston
Martin and Morgan; its portfolio of partners also includes the
Erwin Hymer Group, Europe’s largest manufacturer of motorhomes and
caravans as well as well-known motorcycle manufacturers, such as
Harley Davidson and MV Agusta.
Massy/London, 19 July 2019
Media contacts
CA Consumer
Finance
+33 (0)1 87 38 09 75 presse@ca-cf.fr
Fiat Chrysler
Automobiles +39 011 00
63088
mediarelations@fcagroup.com
FCA
Bank
+39 011 0030743
valentina.lugli@fcagroup.com
About Crédit Agricole Consumer
Finance
Crédit Agricole Consumer Finance, Crédit
Agricole SA's consumer credit subsidiary, distributes a broad range
of consumer credit and related services for distribution channels
as a whole: direct sales, point-of-sale financing (automobile and
home appliances) and partnerships. Present alongside major
distribution, specialised distribution and institutional brands in
the various countries where it operates, Crédit Agricole Consumer
Finance is a key partner in business. Crédit Agricole Consumer
Finance managed €88.5 billion in outstanding loans at 31 December
2018.For more information regarding CA Consumer Finance, please
visit www.ca-consumerfinance.com
About FCA
Fiat Chrysler Automobiles (FCA) is a global
automaker that designs, engineers, manufactures and sells vehicles
in a portfolio of exciting brands, including Abarth, Alfa Romeo,
Chrysler, Dodge, Fiat, Fiat Professional, Jeep®, Lancia, Ram and
Maserati. It also sells parts and services under the Mopar name and
operates in the components and production systems sectors under the
Comau and Teksid brands. FCA employs nearly 200,000 people around
the globe.For more information regarding FCA, please visit
www.fcagroup.com
About FCA
Bank
FCA Bank is a bank engaged mainly in car
finance, with the objective of meeting any mobility requirement
also through its Leasys subsidiary. It is an equally held joint
venture between FCA Italy, a company of global car manufacturer
Fiat Chrysler Automobiles N.V. and Crédit Agricole Consumer
Finance, a company of the Crédit Agricole group, a leader in
consumer lending. FCA Bank provides financing products to support
the sales of prestigious automobile brands in Italy and in Europe.
The credit, leasing, rental and mobility financing programs
provided by FCA Bank are designed specifically for dealer networks,
individuals and corporate fleets. FCA Bank operates through
subsidiaries and branches in 17 European countries and in Morocco.
At 31 December 2018, FCA Bank had a loan and lease portfolio of
approximately €27 billion.For more information regarding FCA Bank,
please visit www.fcabankgroup.com
FCA forward-looking
statements
This press release contains forward-looking
statements. These statements are based on the FCA Group’s current
expectations and projections about future events and, by their
nature, are subject to inherent risks and uncertainties. They
relate to events and depend on circumstances that may or may not
occur or exist in the future and, as such, undue reliance should
not be placed on them. Actual results may differ materially from
those expressed in such statements as a result of a variety of
factors, including: volatility and deterioration of capital and
financial markets, changes in commodity prices, changes in general
economic conditions, economic growth and other changes in business
conditions, weather, floods, earthquakes or other natural
disasters, changes in government regulation, production
difficulties, including capacity and supply constraints,
uncertainties as to whether the proposed business combination will
be agreed or consummated or as to the timing thereof as well as the
realization of the anticipated synergies therefrom, and many other
risks and uncertainties, most of which are outside of the FCA
Group’s control. FCA and its affiliates, directors, advisors,
employees and representatives, expressly disclaim any liability
whatsoever for such forward-looking statements. Forward-looking
statements speak only as of the date they are made. FCA does not
assume any obligation to update any public information or
forward-looking statement in this communication to reflect new
information, future events or circumstances or for any other reason
after the date of this communication, except as may be required by
applicable laws, and any opinion expressed in this press release is
subject to change without notice. FCA shall not have any obligation
to correct any inaccuracies therein or omissions therefrom which
may become apparent.
- 2019 07 19 CACF and FCA extend their FCA Bank joint
venture
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