CA Personal Finance & Mobility Strengthens Electric Vehicle Leasing in China with Acquisition of 50% Stake in GAC-Sofinco Leasing

CA Personal Finance & Mobility Strengthens Electric Vehicle Leasing in China with Acquisition of 50% Stake in GAC-Sofinco Leasing

(IN BRIEF) CA Personal Finance & Mobility has finalized its acquisition of a 50% stake in GAC Finance Leasing, now rebranded as Guangzhou GAC-Sofinco Finance Leasing. This move strengthens the partnership with GAC Group and enhances their leasing offerings in China, with a focus on supporting the country’s electric vehicle market. The joint venture, formed through a reserved capital increase, aims to provide financial and operational leasing solutions, promoting the sale of electric vehicles, which already make up 60% of the leasing contracts in GAC-Sofinco Leasing’s portfolio. The companies’ longstanding collaboration began in 2009 and continues to grow, contributing to China’s EV sector. The regulatory approvals have been secured, with minimal impact on the Crédit Agricole group’s financial standing.

(PRESS RELEASE) MASSY, 28-Jan-2025 — /EuropaWire/ — CA Personal Finance & Mobility has successfully completed the acquisition of a 50% stake in GAC Finance Leasing Co. Ltd. (now known as Guangzhou GAC-Sofinco Finance Leasing Co. Ltd., or GAC-Sofinco Leasing). This acquisition, achieved through a reserved capital increase, strengthens the longstanding partnership between CA Personal Finance & Mobility and GAC Group, one of China’s largest automotive manufacturers. GAC-Sofinco Leasing will focus on providing financial and operational leasing solutions to the Chinese market, with an emphasis on supporting the country’s growing electric vehicle (EV) sector in 2025.

The joint venture marks the next phase of a collaboration that began in 2009 with the creation of GAC-Sofinco AFC, a 50-50 partnership between the two companies. GAC-Sofinco AFC has played a key role in providing automotive financing to a network of over 3,000 dealers across China, supporting major brands such as GAC-Honda, GAC-Toyota, AION, HYPTEC, and GAC Motor. This new venture further strengthens their presence in the leasing sector, positioning them to capitalize on the rapidly expanding electric vehicle market.

As a 50% shareholder in GAC-Sofinco Leasing, CA Personal Finance & Mobility is poised to help accelerate the adoption of electric vehicles in China. Notably, electric vehicles already make up 60% of the leasing contracts within GAC-Sofinco Leasing’s portfolio, which spans over 200,000 vehicles. With the transaction now finalized, the companies are set to further enhance their offering in China, a market that continues to show strong growth in both electric and conventional vehicle sales.

All necessary regulatory approvals have been secured, with minimal impact on the CET1 ratio of Crédit Agricole S.A. and the broader Crédit Agricole group.

Stéphane Priami, CEO of Crédit Agricole Personal Finance & Mobility, commented, “This transaction underscores the significance of our ongoing partnership with GAC Group. It positions us to jointly support the growth of China’s dynamic electric vehicle market, an area that is poised for long-term development.”

Key figures
In 2023, GAC Group ranked as the fourth largest automotive group in China, with over 2.5 million vehicles sold globally and nearly 40% of those being electrified vehicles.

About Crédit Agricole Personal Finance & Mobility
Crédit Agricole Personal Finance & Mobility is a leader in personal financing and a provider of access to all mobility solutions in Europe. It distributes directly, at the point of sale or on its partners’ e-commerce platforms, a wide range of financing solutions –
amortizable credit, revolving credit, leasing and credit buyback – with associated services including insurance, split payment solutions and services dedicated to mobility, with the aim of meeting the challenges of energy transition in mobility, housing and consumption. Its financing solutions and services are offered in France via Sofinco, in Italy via Agos, in Germany via Creditplus, in Portugal via Credibom, in Spain via Sofinco Espana, in Morocco via Wafasalaf, and in China via GAC-Sofinco (automotive financing only). Crédit Agricole Personal Finance & Mobility aims to be the leader in electric mobility in Europe and offers a mobility continuum in the 22 countries where it is present (leasing, medium and short-term rental, subscription, car sharing, installation of charging stations, etc.). The company relies on Leasys, a joint venture equally owned by Stellantis, CA Auto Bank and Drivalia, the panEuropean leader in automotive financing, rental and mobility, Crédit Agricole Mobility Services, a comprehensive service offering dedicated to mobility and the development of automotive financing in its universal subsidiaries in Europe and in Crédit Agricole
Regional Banks and at LCL via Agilauto. CA Personal Finance & Mobility acts every day in the interest of its 17.2 million customers and society. As of December 31, 2023, CA Personal Finance & Mobility managed €113 billion in outstanding credit. More information: www.ca-personalfinancemobility.com

Media Contact:

Adeline Tardif
presse@ca-cf.fr
+33 (0)1 87 38 02 88 / +33 (0)6 20 18 84 92

SOURCE: Crédit Agricole