Stellantis has confirmed its new leasing business will be named Leasys.

The business is formed from the consolidation of the Free2move Lease and Leasys mobility brands.

The new Leasys is a 50/50 joint venture with Crédit Agricole Consumer Finance and aims to become the European leasing leader with a target of reaching a fleet of 1 million vehicles by 2026.

The leasing company has also signed a binding agreement to acquire ALD Automotive’s interests in Portugal and LeasePlan’s activities in Luxembourg, required for the formation of the newly merged ALD/LeasePlan business.

Stellantis has also changed its captive finance house from Banque PSA Finance to Stellantis Financial Services. The company said a single financing entity per country will cover all Stellantis brands, which will be delivered in partnership with BNP Paribas Personal Finance and Santander Consumer Finance.

“Today marks the birth of Stellantis Financial Services, a major player in European automotive financing, and of the new consolidated Leasys,” said Philippe de Rovira, Stellantis chief affiliates officer. “This simplification allows for superior agility to serve our customers, better support of the commercialization across Stellantis brands, and strengthened competitiveness by leveraging various synergies.”