Fleet News

EC clears credit venture

THE European Commission (EC) has cleared a deal between Italian car maker Fiat and French bank Credit Agricole to form a joint venture in the consumer credit business.

Under the deal, Fiat Auto and Credit Agricole SA will acquire joint control over Fidis Retail, a company active in car purchase financing for consumers, which is currently owned by four Italian banks.

Fiat Group will transfer its subsidiaries active in car purchase financing for concessionaires and fleet management services to Fidis Retail, which will be renamed Fiat Auto Financial Services.

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