Crédit Agricole’s financier will launch ‘revolving’ credit and join a bank
The French group Crédit Agricole focuses on southern Europe and relaunches its financial company Sofinco in Spain, which finalizes an agreement to become the white consumer brand of a bank and will enter the ‘revolving’ credit business and online marketing of personal loans. After his break with Bankia, Sofinco, formerly known as SoYou, aspires to be profitable in 2024 and reach a turnover of 1,600 million in 2025, according to Its CEO has exposed this WednesdayPierre Adam, in an informative meeting.
With 77,000 private customersSofinco has among its objectives to be able to offer in Spain from car financing or home equipment, to credits ‘online’ and ‘revolving’, which allow deferring and splitting payments at the cost of interest. Yes indeed, points out, in an “ethical” way and with the experience of France. For all these reasons, it has applied for a means of payment license at the Bank of Spain that it expects to receive at the beginning of 2023. In addition, Sofinco plans to launch cross-selling, that is, to propose to customers that it already has the possibility of expanding its products. By the middle or end of 2024, it plans to be offering all the branches of activity of Crédit Agricole Consumer Finance in Spain.
In the same informative meeting, the CEO of Crédit Agricole Consumer Finance, Stephane Priani, exposed the growth potential of consumer credit in Europe, and especially in southern countries, with the renovation of the fleet of cars and the improvements in the houses to gain efficiency. In his opinion, the changes in society and a mentality more in favor of “pay as you go” compared to the option of acquiring a good such as a vehicle, together with the fact that more and more cars will be sold on the Internetwill contribute to an increase in consumer financing.
He defends that “long-term rental will be the future” and that is why the financial company has already signed a alliance to advance this line of business. In France, it has begun to develop a “leasing” or rental with the option to buy cars from 100 euros per month, to which is added the deployment of shared cars in rural areas. In parallel, Crédit Agricole will offer financing options in installment payments in large businesses with which it already has agreements such as Decathlon or FNAC.
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