Credit Agricole Sa: Crédit Agricole Consumer Finance and Banco BPM strengthen their partnership in consumer credit in Italy
Press Release
Massy, 21st December 2020.
Crédit Agricole Consumer Finance and Banco BPM
strengthen their partnership in consumer credit in Italy
Crédit Agricole Consumer Finance and Banco BPM announce that on 18 December 2020, they signed an Amendment Agreement, in order to further strengthen their global partnership in consumer finance in Italy of Agos Ducato (in which Crédit Agricole Consumer Finance holds 61% - Banco BPM 39%), introducing some changes to the agreements signed at the end of 2018 between Banco BPM, Crédit Agricole S.A. and Crédit Agricole Consumer Finance.
These amendments include additional opportunities for Agos Ducato to further expand its commercial base and improve its cost of funding, together with the extension, for an additional period of up to 24 months, and therefore until 31st July 2023, of the deadline for the put option exercise referred to a 10% stake held by Banco BPM in the share capital of Agos Ducato, at the previously agreed strike price of Euro 150 million.
CA Consumer Finance contact for the media:
Raphaele Hamel +33 (0)1 87 38 03 61
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 (in France, principally through its commercial trademarks Sofinco, Viaxel and Creditlift Courtage) for distribution channels as a whole: direct sales, point-of-sale financing (automotive and home appliances) and partnerships. Present alongside major distribution, specialised distribution and institutional brands in the 19 countries where it operates, CA Consumer Finance offers its partners solutions that are flexible, responsible and ideally suited to their needs and those of their customers. Excellence in customer relationships, empowered teams for customers and commitment to society are the pillars that make CA Consumer Finance a group that works every day in the interest of its customers and society. At 31 December 2019, CA Consumer Finance managed €92 billion in outstanding loans.
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