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

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

Bankia SA and Crédit Agricole Consumer Finance have agreed to create a joint venture in Spain, both companies said May 28.

The new company, which will be 49%-owned by Bankia, with the remaining 51% to be held by Crédit Agricole Consumer Finance, will enable Bankia and Crédit Agricole Consumer Finance to operate in Spain's consumer credit segment in the near future.

The joint venture will specialize in providing consumer financing at the point of sale, which Bankia and Crédit Agricole Consumer Finance aim to carry out through distribution agreements with brick-and-mortar and online retail firms.

The new company, subject to approvals from regulatory and supervisory authorities, will offer personal and consumer loans, consumer appliance leases, revolving credit lines and loyalty cards exclusively in Spain and solely through nonbanking channels.

Crédit Agricole Consumer Finance is a unit of French lender Crédit Agricole SA.