French bank Crédit Agricole is stepping into a strategic partnership with GAC International, the European branch of China’s fifth largest automobile manufacturer Guangzhou Automobile Corporation (GAC).
The deal will see CA Auto Bank offer tailored financing solutions for GAC’s full EV lineup because it prepares to enter the European market in January.
“With its century of experience and operations spanning 18 European countries, CA Auto Bank is well-positioned to support GAC’s European expansion,” said Stéphane Priami, CEO of CA Personal Finance & Mobility.
The bank will provide flexible and modern financing options, including traditional credit, leasing, and stock financing delivered through a unified platform to make sure operational efficiency across different markets.
This partnership aligns with CA Personal Finance & Mobility’s broader goal of leading Europe’s electric mobility sector by 2025 and likewise deepens a relationship that began in 2009 with the creation of the GAC-Sofinco three way partnership in China which was further strengthened when CA Personal Finance & Mobility acquired a 50% stake in GAC Finance Leasing Company.
“By facilitating GAC’s entry into Europe, we usually are not only supporting their business but additionally contributing to the transformation of Europe’s vehicle fleet towards electric mobility,” said Priami. “It is a key step in our journey to becoming Europe’s leader in electric mobility.”
Giacomo Carelli, CEO of CA Auto Bank, added: “With CA Auto Bank, we bring our expertise to assist GAC make a major impact on the European EV market. This partnership demonstrates our commitment to sustainability by promoting the transition to zero-emission vehicles across the continent.”
This Article First Appeared At www.am-online.com
