lending arm of French bank Credit Agricole, has launched an
operation in Italy.
The move by the group means it now has a presence in seven
European countries, and reflects its desire to grow its factoring
arm at a time this asset based lending sector is booming across
much of Europe.
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The new factoring subsidiary, managed by Mr Massimo Mancini, had
its first board meeting on April 11 chaired by Jean-François Phan
Van Phi, chairman of the International factors Group.
The new Italian business will focus on providing export
factoring services to clients of the Cariparma Friuladria Group,
the Italian banking group in which Credit Agricole bought a 75 per
cent stake in March 2007.
In December 2006 Credit Agricole acquired about 650 branches in
Italy from Banca Intesa for about €6bn in cash, giving it customers
in the more prosperous northern regions of Italy.
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