Credit Agricole is targeting the German market as it is expanding. Credit: Darwin Vegher on Unsplash.

French financial services group Credit Agricole is considering plans to provide financial services for car-sharing in Germany, Reuters reported, citing a local newspaper Automobilwoche.

Credit Agricole is targeting the German market as it is expanding and presents an opportunity to compete with established players, an executive told the publication. 

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As per the report, the consumer finance division of the French bank has been working to grow mobility-related revenues from its joint venture in car leasing with Stellantis and other partnerships as well as from its current offerings in auto financing and car rental space. 

“We are testing car-sharing in smaller towns in France with a population of up to 30,000. If that succeeds we will take the concept also to Germany,” Credit Agricole consumer finance unit head Stephane Priami was quoted by the German publication as saying. 

Priami added that the bank aims to focus on towns that are within driving distance of bigger cities so that customers without cars can get to them. 

The car-rental market in Germany is undergoing transformation. 

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Earlier this month, Volkswagen announced that Berlin-based MILES Mobility acquired its all-electric car-sharing business WeShare.

Beginning in 2023, Volkswagen will provide MILES with 10,000 all-electric vehicles and MILES Mobility will be integrated into the car maker’s mobility platform.

Meanwhile, in May this year, Mercedes-Benz Mobility and BMW Group agreed to sell their car-sharing joint venture SHARE NOW to Stellantis.