Fiat Auto and Crédit Agricole have agreed to form a 50/50 joint venture, Fiat Auto Financial Services (FAFS), which will carry out the main financing activities related to Fiat Auto in Europe.

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The agreement is still subject to final documentation and the partners have set 30 June 2007 as the final closing date but hope to get it up and running by the end of 2006 if necessary regulatory approvals can be obtained.


FAFS activities will include Fiat Auto dealer financing, vehicle fleet leasing and management, plus the retail vehicle financing currently offered by Fidis Retail Italia (currently 51%-owned by Banca Intesa, Capitalia, UniCredit and San Paolo-IMI).


The JV will also offer new financial products to Fiat Auto customers and dealers, drawing on Crédit Agricole’s experience.


FAFS will operate in 13 European countries and manage assets of approximately EUR13bn.

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Under the agreement, Fiat Auto will receive EUR1bn in cash for 50% of FAFS, valuing 100% of the JV equity at EUR2bn. Crédit Agricole will provide funding to FAFS at a “highly competitive cost” and governance of FAFS will be shared between the two partners.


In a statement, Georges Pauget, CEO of Crédit Agricole, said: “This transaction is of major importance to further consolidate our market position in specialised financial services. We are pleased to strengthen our relationships with Fiat, Italy’s largest industrial group, and to participate in the renewed growth of its auto sector.”


Fiat Auto CEO Sergio Marchionnesaid: “With this new agreement, we are expanding the scope of our alliance strategy to strengthen our financial offering to dealers and customers. This alliance, between a large banking institution and a leading automaker, represents a new reference in passenger car financing and will further support Fiat Auto’s ambition throughout Europe.”