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FCA Bank signs MoU for majority stake in Ferrari unit

and Ferrari NVItalian indirect unit Ferrari Financial Services SpA signed a memorandum ofunderstanding for the former to acquire a majority stake in Ferrari FinancialServices AG.

As aresult of the deal, FCA Bank and Ferrari Financial Services SpA will continuethe operations of Ferrari Financial Services AG as joint venture partners,supporting the sales of Ferrari cars in certain European countries by offeringvehicle financing solutions, according to a May 2 news release.

The parties agreed not to disclose any financial detailsabout the transaction. FCA Bank, which will be the consolidating entity, willprovide funding for the joint venture.

The MoU will be transformed into a set of definitiveagreements later in 2016. Completion of the deal is subject to competition andbanking regulatory approvals.

FCA Bank is a joint venture between Fiat ChryslerAutomobiles Italy SpA and CréditAgricole Group's Crédit Agricole Consumer Finance.