Stellantis has announced the creation of a new multi-brand leasing company, which is a 50/50 joint venture with Crédit Agricole Consumer Finance.

The new leasing company will be called Leasys following the consolidation of Leasys and Free2move Lease.

Stellantis says it wants Leasys to become the European leasing leader, reaching a fleet of one million vehicles by 2026.

In the UK, Free2Move Lease was ranked ninth in the Fleet News FN50, with a risk fleet of 54,480 cars and vans.

Leasys UK, meanwhile, had a risk fleet of 22,080 cars and vans, placing it 15th in the FN50.

Stellantis had already announced that it had signed a binding agreement for the acquisition of ALD and LeasePlan’s activities in Portugal and Luxembourg, which has helped accelerate business growth plans.

The car manufacturing giant is aiming to broaden its multi-brand mobility offering and double its net banking income by end of decade as part of 'Dare Forward 2030' strategic plan and revealed today (April 4) that the conclusion of a restructure designed to facilitate the shift.

The move has resulted in the formation of Stellantis Financial Services (formerly Banque PSA Finance) and the newly restructured Leasys operation (consolidating the activities of Leasys and Free2move Lease) in partnership with BNP Paribas Personal Finance, Crédit Agricole Consumer Finance and Santander Consumer Finance.

Philippe de Rovira, Stellantis’ chief affiliates officer, said: “Today marks the birth of Stellantis Financial Services, a major player in European automotive financing, and of the new consolidated Leasys.

“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.”

It marks the end of a process which got underway with negotiations started back in December 2021.

Under the new model Stellantis Financial Services will have a single financing entity per country covering all Stellantis brands, in partnership with BNP Paribas Personal Finance and Santander Consumer Finance.