Crédit Agricole invests 60 million euros in consumer credit in Spain

Posted on Jan 31, 2022 at 1:34 PMUpdated on Jan 31, 2022 at 2:15 PM

Crédit Agricole Consumer Finance (CACF) is reactivating first gear on the Spanish market. The mutualist group has just announced in quick succession that it is launching the Sofinco brand there – which in Europe until now only existed in France – and that it has injected 60 million euros over the past six months into its local entity dedicated to “consumer credit”.

“This market, which represents 92 billion euros in assets, is the fourth in continental Europe, and it is strategic for CACF”, insists Pierre Adam, who heads Sofinco in Spain. “It is also a market where French distributors, whom we know well, are very present”, a clientele that the group intends to support. Finally, the group exercises all its businesses there (with the exception of retail banking), and wants – as in France or Italy – to play on the complementarity between its subsidiaries (insurance, investment banking, etc.) to develop there.

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