French financial institution Crédit Agricole is forming a strategic alliance with GAC International, the European division of China’s fifth-largest automaker, Guangzhou Automobile Corporation (GAC).
This collaboration enables CA Auto Bank to provide customized financing solutions for GAC’s complete electric vehicle (EV) range as it gears up to launch in the European market this January.
“With a century of experience and operations in 18 European countries, CA Auto Bank is ideally equipped to assist GAC’s expansion in Europe,” stated Stéphane Priami, CEO of CA Personal Finance & Mobility.
The bank will offer a variety of flexible and innovative financing options, including traditional credit, leasing, and stock financing, all delivered via a single platform to enhance operational efficiency across multiple markets.
This partnership is in line with CA Personal Finance & Mobility’s wider objective of becoming a leader in Europe’s electric mobility sector by 2025. It also builds on a relationship that started in 2009 with the establishment of a GAC-Sofinco joint venture in China and was further strengthened when CA Personal Finance & Mobility acquired a 50% interest in GAC Finance Leasing Company.
“By facilitating GAC’s entry into the European market, we are not only supporting their business but also assisting in the transition of Europe’s vehicle fleet towards electric mobility,” Priami remarked. “This is a significant milestone in our quest to be Europe’s leader in electric mobility.”
Giacomo Carelli, CEO of CA Auto Bank, added: “With CA Auto Bank, we leverage our expertise to help GAC make a substantial impact on the European EV market. This partnership underscores our dedication to sustainability by driving the shift toward zero-emission vehicles throughout the continent.”
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