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Crédit Agricole, Bankia in talks to set up consumer finance JV in Spain

Bankia SA and Crédit Agricole Consumer Finance are in exclusive negotiations for a consumer finance joint venture in Spain, the two companies said March 7.

The partnership will accelerate the establishment of Crédit Agricole Consumer Finance's presence in Spain and provide Bankia with a subsidiary dedicated to consumer finance. The joint venture will specialize in developing consumer financing at the point of sale through distribution agreements with businesses.

An expansion in consumer lending was one plank of Bankia's strategic plan for the next three years, released Feb. 27.

Crédit Agricole Consumer Finance is a subsidiary of France-based Crédit Agricole SA.