Crédit Agricole Consumer Finance confirms ambition to be a major player in Spain by owning 100% of SoYou's capitalCrédit Agricole Consumer Finance will take over 100% of the capital of SoYou, their consumer credit subsidiary created with Bankia in Spain, as part of the merger between Bankia and Caixabank, and is giving it a new strategy to speed up its growth. The Bank of Spain approved the deal on 1st June.
Crédit Agricole Consumer Finance is thus confirming its ambition to be a major player in the Spanish market. This deal is in line with the strategy presented last December: to strengthen CA Consumer Finance's leadership in the European consumer credit market.
Consult the press release
On April 1st, 2010, Crédit Agricole Consumer Finance is created, stemming from the merger of Sofinco and Finaref.
Created in 1951, Sofinco becomes part of Crédit Agricole S.A. in 1999. In 2006, Sofinco and Fiat Auto create a 50/50 joint venture, Fiat Group Automobiles Financial Services, renamed FGA Capital in 2009. This partnership is later extended to Jaguar Land Rover, Chrysler, Dodge and Jeep. Finaref is created in 1970. In 1992, Finaref becomes a subsidiary of the Kering Group (ex-Pinaut-Printemps-Redoute). In 2003, Crédit Agricole S.A. acquires Finaref from the PPR Group.
On April 1st, 2010, CA Consumer Finance is created, stemming from the merger of Sofinco and Finaref.
On July 1st, 2013, Finaref leaves out its name and becomes Sofinco.