Extension of the FGA Capital auto financing partnership between Fiat Group Automobiles and Crédit Agricole S.A.
Fiat Group Automobiles ("FGA"), Crédit Agricole S.A. ("CASA") and Crédit Agricole Consumer Finance (CACF) have reached an agreement for the extension of their 50/50 joint venture in FGA Capital ("FGAC") up to 31 December 2021.
CACF and FGA have agreed to extend the term of their alliance in respect of FGAC to ensure the long term sustainability of FGAC, the captive finance company that handles FGA's main financing activities in retail auto financing, dealership financing, long-term car rental and in fleet management. This activity is geographically well diversified among the main European countries.
FGAC will continue to benefit from the financial support of Crédit Agricole S.A. while continuing to strengthen its position as an active player in the securitisation and debt markets.