Credit Agricole Leasing and Eurofactor have merged after receiving approvals from shareholders to form Credit Agricole Leasing & Factoring, the specialized financing subsidiary of Credit Agricole group to cater to the needs of businesses, self-employed professionals, farmers and local authorities.
The purpose of this merger, initiated in 2009, is to make these two lines of business more powerful and responsive to better meet their clients’ needs. The establishment of Credit Agricole Leasing & Factoring also materializes a process aimed at consolidating the international presence of these lines of business.
Credit Agricole Leasing & Factoring is a leasing and factoring firm in France, having a 20.6% and 22.8% share of these two markets respectively.
The net banking income of these two lines of business totals EUR517m euros for a volume of current funding in excess of EUR20bn (aggregate figures at 31/12/2009).
Olivier Toussaint, CEO of Credit Agricole Leasing & Factoring, said: “With the Credit Agricole Leasing and Eurofactor merger we are reinforcing the Credit Agricole group’s intention to be a front runner in raising finance for businesses and professionals over the long term.”
Eurofactor is a provider of factoring services and it is a fully-owned subsidiary of France-based Credit Agricole.