Stellantis is merging its two operational leasing companies — FCA Bank-owned Leasys and Free2Move Lease — to become a leading multi-brand lessor in Europe, while also streamlining its captive finance arms.
The company is currently negotiating with Crédit Agricole Consumer Finance to take a 50% stake in the new leasing business, involving the current Leasys and Free2Move Lease operations. Under the plan, Crédit Agricole Consumer Finance would acquire 50% stakes in FCA Bank and Leasys Rent currently owned by Stellantis.
Stellantis is also entering agreements with BNP Paribas Personal Finance and Santander Consumer Finance to provide captive financing activities for Stellantis brand customers, dealers, and distributors.
BNP Paribas Personal Finance would work with Stellantis via joint ventures in Germany, Austria, and the UK, while under a similar arrangement, Santander would work with Stellantis in France, Italy, Spain, Belgium, Poland, the Netherlands, and via a commercial agreement in Portugal.
Commenting on the move, Stellantis CEO Carlos Tavares, said:
“Following the recent completion of the acquisition of First Investors Financial Services Group in the U.S., Stellantis reaffirms its willingness to further strengthen its global financing activity, achieving a step further in Europe with long-standing banking partners and creating a fully-fledged leaser.
“This is a strategic move to leverage our financial performance across all European countries. This transformation, managed with leading partners, would allow Stellantis to offer a comprehensive range of products to all its customers, dealers, and brands.”
Stellantis said it expected all agreements to be signed off by Q1 2022 and all transactions completed by the first half of 2023.
Stellantis was created in 2021 following the merger of Fiat Chrysler Automobiles and the French PSA Group. It said the financing reorganization would help it to offer fleets full mobility resources.
Originally posted on Global Fleet Management