CaixaBank has sold 49% of the Soyou joint venture, a consumer credit finance company created by the French entity and Bankia in 2019, to Credit Agricole, according to the French entity. The operation will be carried out through the Credit Agricole Consumer Finance division, and its amount has not been disclosed.
The purchase was approved by the Bank of Spain on Tuesday, and is part of the agreements for the purchase of Bankia by CaixaBank, according to the press release published by the French entity.
“This agreement reaffirms the ambition of Credit Agricole Consumer Finance to accelerate its growth in Spain, the fourth market in continental Europe for consumer credit,” he says Stéphane Priami, CEO of CA Consumer Finance and number two in the French group. “I want to thank the Bankia teams for the constructive and transparent spirit that has encouraged our collaboration.”
Soyou has 108 employees and a loan portfolio of € 103 million. The entity received the administrative green light to start operating at the end of 2019, with the aim of developing consumer financing at the point of sale, both for new and used vehicles, as well as other goods and services.
Credit Agricole has defined a new strategy to accelerate SoYou’s growth, as indicated today, and plans to provide the company with a full range of services “to better support CA Consumer Finance’s pan-European partners in the Spanish market.” The French group maintains agreements in other markets with distribution, motor (such as FCA, now called Stellantis) or electronic commerce firms.