Crédit Agricole: approval for JV with Bankia
(CercleFinance.com) - Crédit Agricole Consumer Finance has announced that its joint venture with Bankia, detailed in an agreement signed in May 2018, has received approval from the Spanish Ministry of economy to conduct business with the status as a credit institution.
51%-owned by CA Consumer Finance and 49%-owned by Bankia, the joint venture will operate in Spain under the SoYou brand. It will start its business in the next few months, once all registration formalities have been completed.
On its launch, SoYou will focus on financing at the point-of-sale - both for new and second hand vehicles, and for services and consumer goods, and, secondly, it will start its personal loan business to final customers.
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