Crédit Agricole Auto Bank, the mobility bank subsidiary of CA Personal Finance & Mobility, has partnered strategically with GAC International, the European arm of Guangzhou Automobile Corporation (GAC), one of China’s largest automotive manufacturers.
The agreement will see CA Auto Bank providing tailored financing solutions for GAC’s full range of electric vehicles as the company prepares to enter the European market in January 2025.
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Leveraging its century-long experience and operations in 18 European countries, CA Auto Bank will assist GAC in establishing its distribution network across Europe. The bank will offer a range of flexible financing options, including traditional credit, leasing, and stock financing, designed to meet the specific needs of each market. These services will be managed via a unified platform to ensure operational efficiency and streamlined management.
This collaboration is in line with CA Personal Finance & Mobility’s strategy to become a leading player in European electric mobility by 2025. It will provide GAC with access to CA Auto Bank’s financial expertise, helping the Chinese manufacturer to accelerate its European expansion.
The partnership also builds on the long-standing relationship between CA Personal Finance & Mobility and GAC, which dates back to 2009 with the GAC-Sofinco joint venture in China and the acquisition of a 50% stake in GAC Finance Leasing Co. Ltd.
Commenting on the partnership, Stéphane Priami, CEO of CA Personal Finance & Mobility, said: “By supporting GAC’s entry into Europe, we are contributing to the transformation of the European vehicle fleet and advancing our goal to lead electric mobility in Europe.”
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Giacomo Carelli, CEO of CA Auto Bank, added: “We are proud to support GAC in its pan-European expansion and to promote electric mobility across the continent through this partnership, which aligns with our commitment to a sustainable, zero-emission future.”
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