Crédit Agricole Leasing and Eurofactor have
officially merged to form Crédit Agricole Leasing &
Factoring.
The two specialised financial subsidiaries of
France’s Crédit Agricole Group started merger discussions last
year, as reported by Leasing Life in March
2009.
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The parent company said that the purpose
of the merger is to make the two business lines “more powerful and
responsive to better meet their clients’ needs”.
Crédit Agricole’s leasing segment currently
has a 20.6 percent share of the French market, whilst the factoring
business has a 22.8 percent share.
The new entity is active in 11 countries in
Europe and North Africa – with a strong
presence in Poland (where it is largest leasing company with
Europejski Fundusz Leasingowy or EFL) and in Germany, where it is
the fourth largest factoring firm.
Olivier Toussaint, who has been confirmed as
CEO of the merged business, said: “With the Crédit Agricole Leasing
and Eurofactor merger we are reinforcing the Crédit Agricole
group’s intention to be a front runner in raising finance for
businesses and professionals over the long term.”
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