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Sofinco is Crédit Agricole's new consumer credit brand in Spain

Confirming its ambition to be a major player in Spain, Crédit Agricole Consumer Finance is launching a new phase in the development of its subsidiary SoYou: after taking over 100% of the company, it is renaming it Sofinco and increasing its capital. This operation is in line with the group's strategy of strengthening CA Consumer Finance's leadership in the European consumer credit market.

Spain, a key market...

Stéphane Priami, CEO of CA Consumer Finance and Deputy CEO of Crédit Agricole S.A., in charge of Specialised Financial Services, said: “We are reaffirming our ambition to accelerate CA Consumer Finance's development in Spain, the fourth largest market for consumer credit in continental Europe. Spain is a market in which the Crédit Agricole Group is expanding. It has established several of its businesses there, including consumer finance and, more generally, those of the Specialised Financial Services division.

 

... in which CA Consumer Finance is accelerating

After taking over 100% of the company in June 2021, CA Consumer Finance is giving its Spanish subsidiary new resources to accelerate its development:

  • €60 million in additional capital over the last six months, making a total of €112.11 million;
  • the Sofinco brand, replacing SoYou. This emblematic brand of the CA Consumer Finance group, which has been supporting French people's projects for 70 years and now serves 4.8 million customers, will enable the Spanish entity to assert its new positioning in its market, capitalising on the solid image built in France. While the two entities remain independent of each other, the adoption of a common brand will strengthen their relationship and the image of Sofinco and CA Consumer Finance in Europe, both with customers and business partners.

 

Pierre Adam, CEO of Sofinco Spain, confirmed: “Tests conducted with a panel of Spanish consumers have shown that the name Sofinco conveys a new and dynamic image and evokes reliability and stability. The choice of Sofinco helps us to better address an increasingly global, digital and competitive market, where brand awareness makes the difference."

 

As of 31 December 2021, Sofinco Spain had 190 employees and managed €300 million in outstandings, having started its business in early 2020, in the midst of a pandemic. Its objective is to complete its range to meet all its customers' needs across all distribution channels and to provide even better support to CA Consumer Finance's pan-European partners in the Spanish market.