Contents - Crédit Agricole Consumer Finance

Transcription

PROFILE
European leader
in consumer credit
2009
Contents
128-130 boulevard Raspail – 75288 Paris cedex 06
www.ca-consumerfinance.com
CREDIT AGRICOLE GROUP
MAY 2010
03
EDITORIAL
04
OUR STRATEGY: INSPIRING DEVELOPMENT
16
OUR BUSINESSES: INSPIRING INNOVATION
28
INTERNATIONAL DEVELOPMENT: INSPIRING CHANGE
PROFILE
European leader
in consumer credit
2009
Contents
MAY 2010
03
EDITORIAL
04
16
28
Crédit Agricole Consumer Finance
Joint-stock company (S.A.) with capital of 340,788,864 – 542 097 522 RCS Paris.
External communication:
+33 (0)1 60 76 36 36
[email protected]
Photo credits: Seignette et Lafontan, Philippe Caron, Getty Images,
Plain Pictures.
We would like to thank Crédit Agricole Consumer Finance employees
for their help in creating this document.
Authors: Yves Deguilhem, Gilmar Sequeira, Patrice Theillout, Gilles Girot.
Design and realisation:
BythewayCreacom – tel. + 33 (0) 1 53 57 60 60
www.bythewaycreacom.net
+33 (0)1 60 76 36 36
[email protected]
Plain Pictures.
+33 (0)1 60 76 36 36
[email protected]
Plain Pictures.
3
EDITORIAL
Crédit Agricole
Consumer Finance
ready, steady, go!
After a strong business performance in 2009 under difficult economic circumstances, Crédit Agricole Consumer
Finance, the new leader on the European consumer credit market, has everything in place to continue its growth
and consolidate its positions.
The merger between Sofinco and Finaref is expected to produce one of the leading consumer credit institutions operating
on an international scale: Crédit Agricole Consumer Finance. This creation comes against a particularly difficult economic,
regulatory and competitive backdrop. The crisis that began in 2007 has caused a historical decline in all segments of the
consumer credit market; this gloomy situation has reduced the production of new loans and led to a general increase in risk.
Strong business performance in France...
Despite the harsh climate, in 2009 Sofinco and Finaref (brands of Crédit Agricole Consumer Finance) were able to
consolidate their commercial positions and increase their market share of the various sectors on which they operate. In
2009, total market share (ASF production) was 19.1%, compared with 18.2% in 2008 and 17.6% in 2007. Outstanding
loans managed through the partnership with Crédit Agricole Group banking networks (Crédit Agricole Regional Banks and
LCL) also rose sharply.
... and abroad
This commercial trend also continued internationally, which now accounts for two thirds of business. In particular, 2009
saw the completion of the merger between Interbank and Ribank in the Netherlands, and the start of the merger between
Agos and Ducato in Italy. Both are aimed at creating national leaders in consumer finance. In terms of automobile
partnerships, 2009 saw the signature of a major agreement with Guangzhou Automobile Group Co. Ltd (GAC), one of
China’s leading vehicle distributors, with a view to developing a new consumer finance business in China, which will
become the 22nd country in which Crédit Agricole Consumer Finance is present.
Crédit Agricole S.A. is backing this promising development
On this basis, Crédit Agricole Consumer Finance can face the future with determination and an increased operational
efficiency, enabling it to take full advantage of the economic recovery when it comes. Its shareholder, Crédit Agricole S.A.,
will support the development of its own activities as well as partnerships agreed with the Group’s banking networks in
France and abroad.
At creation on 1 April 2010,
has 26.5 million customers
in 21 countries.
With €75.8 billion of managed outstanding at the end of
2009, and nearly two thirds of its business conducted
outside France, Crédit Agricole Consumer Finance is the
European No.1 in consumer credit.
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Profile May 2010
STRATEGY
INSPIRING
development
06
meSSAge From The generAL mAnAgemenT
08
mAnAgemenT TeAm
10
miLeSToneS
12
A reSponSibLe ApproACh To LenDing
13
humAn reSourCeS
14
CreDiT AnD groWTh
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Profile May 2010
meSSAge From The GENERAL MANAGEMENT
The strategy of a
European leader
Enhanced operational efficiency, continued development in France and abroad, and strong support from the
Crédit Agricole Group form the foundation of the strategy of the new consumer credit leader: Crédit Agricole
Consumer Finance.
Sofinco and Finaref merged on 1 April 2010, giving rise to the consumer finance leader in europe. These two companies
bring not only their skills but also their leadership, which they have successfully developed in their respective activities.
The ambitions of Crédit Agricole Consumer Finance, the new european leader, centre around three aspects of its strategy:
• Enhancing operational efficiency: by consolidating risk management, as reflected in the actions taken in 2009, via three
mergers: interbank/ribank in the netherlands, Agos/Ducato in italy and Sofinco/Finaref in France. These major deals
have enabled Crédit Agricole Consumer Finance to consolidate its positions on these three markets and become the
undisputed sector leader. And through stricter cost controls, as shown in 2009 results.
• ongoing development of Crédit Agricole Consumer Finance.
Strong growth internationally through the pursuit of actions undertaken in previous years, which have seen global
outstanding increase sixfold over the past five years. This international development has enabled Crédit Agricole
Consumer Finance to establish a presence in what will soon be 22 countries, with a vehicle finance company set to open
in China this summer. This international development has also come on the back of vehicle finance agreements reached
with the Fiat group (as reflected in the creation at the end of 2006 of FgA Capital, which issues loans to Fiat customers
and dealers in 13 countries) and Ford (creation of Forso nordic in 2008, which issues loans to customers and dealers of
Ford group brands in Denmark, Finland, norway and Sweden).
buoyed by its position as leader of the european consumer finance market, Crédit Agricole Consumer Finance now
hopes to become one of the largest worldwide operators, expanding onto new markets.
market share for Sofinco/Finaref
(ASF production) in 2009
2009, compared
with 18.2% at end-2008 and 17.6% at
end-2007.
Strategy
• Positioning within the Crédit Agricole Group, which naturally lends weight to the new Crédit Agricole Consumer
Finance brand. This positioning within the group reflects in the increased management of outstanding consumer loans
issued by the group’s banking networks in France and abroad. in 2009, production of consumer finance issued by
Crédit Agricole regional banks and LCL networks, and managed by Crédit Agricole Consumer Finance, was up 38%.
This activity also grew in italy in 2009. The positioning benefits in particular from Crédit Agricole Consumer Finance’s
expertise in risk management as well as its marketing on behalf of the banking networks.
Philippe Dumont
Chief executive officer
beyond these three cornerstones of Crédit Agricole Consumer Finance’s strategy, other important issues are being tackled
with technological innovation. both Sofinco, the first company to have launched an online loan issuance website in 1997,
and Finaref, the first company to have developed the e-signature, have a strong culture of innovation that will be naturally
consolidated within Crédit Agricole Consumer Finance to provide customers with innovative solutions tailored to their
needs.
human resources will also be an important area for development. present in 21 countries and with nearly 10,600
employees, Crédit Agricole Consumer Finance is establishing a human resources policy that will enable it to develop the
brightest talents and increase career possibilities in different businesses and countries.
Crédit Agricole Consumer Finance can look towards the future with confidence, calling on the qualities and experience
offered by Sofinco and Finaref.
With €75.8 billion of total managed outstanding
and 61% of business conducted outside France
(21 countries with over 26.5 million customers),
Crédit Agricole Consumer Finance is among the
global leaders in its field.
billion euros of managed
outstanding in France (at end2009) for Crédit Agricole
Consumer Finance.
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Profile May 2010
Executive Committee (from left to right)
at 1 April 2010
Sylvie Robin-Romet
Deputy CEO, Partnerships, Brokerage and Insurance France
Guiral de Raffin
Deputy CEO, Credit and General Affairs
César Païva
Deputy CEO, Direct Marketing, Automotive, Home Equipment and Banking France
Philippe Dumont
Chief Executive Officer
Yves ArnaudoHead of Human Resources
Alain Breuils
Deputy CEO, International Business
Bernard Noël
Deputy CEO, Chief Operating and Financial Officer
Christophe Grave
Advisor to the CEO (absent from the photo)
Strategy
MANAGEMENT TEAM
Governance
of Crédit Agricole
Consumer Finance
Board of Directors
active at 1 April 2010
Chairman
Jean-Yves Hocher
Deputy Chief Executive Officer of Crédit Agricole S.A., head of Specialised Businesses
Directors
Jean BouyssetIndependent director, former Crédit Agricole S.A. executive
Marc CarlosHead of Payment Systems and Services, Crédit Agricole S.A.
Gérard Cazals
Chairman, Toulouse and Midi Toulousain Regional Bank
Dominique Chardon
Deputy Chairman, Languedoc Regional Bank
Christian Duvillet
Chief Executive Officer, LCL
Bernard Lolliot
Chief Executive Officer, Centre France Regional Bank
François Mace
Chief Executive Officer, Charente Périgord Regional Bank
François Thibault
Chairman, Centre Loire Regional Bank
Benoît AlbertElected director
Patricia PenicaudElected director
Heads of Subsidiaries
at 1 April 2010
Riyadh Al-Sharik Tom Avonts Ingebjørg Brown Alain Bulbulyan Kees Droppert Csaba Fekete Allan Frøde Søren Kargaard Ludek Keltycka João Miguel Leandro Laïla Mamou Mirco Perelli Camillo Rossotto Jan W. Wagner Sofinco Saudi Fransi - Saudi Arabia
Finalia - Belgium
Finaref Nordic (Norway, Finland, Sweden)
Emporiki Credicom - Greece
CA Deveurope - Netherlands
Credigen - Hungary
Forso Nordic
Dan Aktiv - Denmark
Credium - Czech Republic and Slovakia
Credibom - Portugal
Wafasalaf - Morocco
Agos Ducato - Italy
FGA Capital
Creditplus Bank - Germany
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Profile May 2010
milestones
Key events in
the development of Crédit Agricole
Consumer Finance
1 April 2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
Legal creation of Crédit Agricole Consumer Finance
ofinco signs a draft agreement to create a joint venture in China with GAC (Guangzhou
S
Automobile Group). Announces the merger of Sofinco and Finaref with a view to creating
Crédit Agricole Consumer Finance. Fiat partnership extended to Jaguar, Land Rover, Chrysler,
Dodge and Jeep.
Sofinco enters the Slovakian market with the acquisition of OTP Leasing, a specialist in vehicle
finance. Sofinco launches the first co-branded bank cards in France (Renault, Total and Fiat in
particular). Creation of a 50/50 joint venture linking Sofinco to Ford: Forso Nordic.
Sofinco becomes the first company specialising in consumer finance in the Netherlands after
acquiring Interbank and Ribank. Finaref launches two new cards for Madelios and Go Sport.
Creation of a 50/50 joint venture linking Sofinco to Fiat Auto: Fiat Group Automobiles Financial
Services renamed FGA Capital in 2009. Finaref agrees a partnership with Téléshopping.
Sofinco moves into the Czech Republic through the complete takeover of CP Leasing,
renamed Credium. Finaref agrees a partnership with La Maison de Valérie.
s part of the merger between Crédit Agricole and Crédit Lyonnais, Sofinco buys out Finalion,
A
Crédit Lyonnais’s specialist consumer finance subsidiary. Finaref establishes itself in Denmark
with Dan Aktiv.
inaref becomes part of Crédit Agricole S.A., which acquires it from the PPR group
F
and launches a partnership with Club Med.
Finaref agrees a partnership with Surcouf.
Sofinco signs a partnership agreement with Kingfisher and the insurance company Generali.
Finaref becomes an insurer.
ofinco signs partnership agreements with Crédit Lyonnais. Launch of the partnership with
S
Decathlon
Strategy
1999
1998
1996
1995
1993
1992
1988
1986
1970
1957
1951
ofinco becomes part of Crédit Agricole S.A., which acquires it from Suez group.
S
Creation of Viaxel (automobile).
Sofinco expands into Germany and then Hungary. Finaref takes over the management of
FNAC and Printemps’s store cards.
Sofinco creates Credibom in Portugal.
Finaref pioneers the telesale of insurance policies.
Sofinco signs a partnership agreement with Crédit Agricole.
Finaref becomes a subsidiary of the PPR group.
Sofinco opens its first international subsidiary with Wafasalaf (Morocco), then creates Agos in
Italy. Finaref expands into Belgium.
inaref creates the Mistral account, the first revolving loan attached to a brand launched in
F
France.
Creation of Finaref within La Redoute.
Sofinco moves into vehicle finance by absorbing SAMFA.
Creation of the Société de financement industriel et commercial, Sofinco.
2009
Production: €35.8bn
Managed outstanding: €75.8bn
Net income: €457m
Presence in 21 countries
Number of customers: 26.5 million, of which 16 million in France
Market share in France: 19%
Number of employees: 10,600 of which 4,100 in France
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Profile May 2010
A reSponSibLe ApproACh To LENDING
Foresight
means better lending
In a time of economic crisis, Crédit Agricole Consumer Finance’s expertise enables
it to form responsible, long-term relations with its customers.
objective: assess customers’ profile and their repayment abilities as accurately as
possible to minimise risks.
opTimum riSk AnALySiS
in 2009, customer behaviour changed in France and europe, pushing up arrears
as unemployment rose, casual labour became more widespread and spending commitments,
such as rent, increased. As risk escalated, Crédit Agricole Consumer Finance’s expertise
enabled it to finely adjust its different alert procedures in order to reduce risks.
CLoSer ATTenTion upSTreAm AnD DoWnSTreAm
HOW TO FORGE A RESPONSIBLE, LONG-TERM
RELATIONSHIP?
Our role is to draw up a loan pack that
corresponds to an investment or project.
We must check that the amount of monthly
repayments is within the customer’s means.
Bearing in mind that in the present crisis life
contingencies more frequently expose our
borrowers to temporary difficulties, we have
also set up special teams whose role is to
help these customers through their
problems. By offering a personalised
services and tailored solutions, we are able
to reorganise a customer’s budget so that it
can be sustainable.
Guiral de Raffin
upstream, Crédit Agricole Consumer Finance staff demonstrate responsibility and share their
experience. The customer's situation is carefully evaluated using dedicated statistical tools
(scores) and by complying with acceptance rules which ensure that the customer's budget is
fully taken into account, particularly in terms of debt management.
in parallel, the France’s national directory of private individuals’ missed loan repayments (FiCp)
is used systematically. Downstream, responsiveness and customer-focus are the keys to debt
collection. Whenever customers experience difficulties, often as a result of a life contingency
(job loss, unemployment, illness, divorce), over 400 Crédit Agricole Consumer Finance staff will
be on hand to help customers find solutions appropriate to their situation and budget.
CLoSer To CuSTomerS WiTh AnAp…
With the national retail Support branch (AnAp), Crédit Agricole Consumer Finance has the
means to assist customers who have filed submissions with the over-indebtedness committees
of the banque de France.
The role of the AnAp is to enable the establishment of reimbursement plans for customers with
an excessive debt burden and help them rebalance their budgets under optimum conditions.
Deputy Ceo, Credit and general Affairs
packs are without
payment incident.
rejection rate
of applications in 2009.
Strategy
humAn RESouRCES
A new structure
for a new company
The aim of the HR department is to support the development of employees, encourage
career management, help improve working conditions, support the introduction of new
business products and organisations, and promote actions to increase diversity.
SupporTing ChAnge
Crédit Agricole Consumer Finance, which resulted from the merger of Crédit Agricole group’s
consumer finance activities, is a new group of 10,600 employees, 4,100 of whom are in France.
The human resources policy aims to assist with the implementation of this new organisation.
DeveLoping SkiLLS
Target-based management, remote management and the quest for change are the three
priority issues addressed by the 2010 training plan. Training must be used to develop
employees’ skills, applying a career-orientated logic that involves managers and staff, in
particular through the creation of an e-catalogue for interactive learning.
proFeSSionALiSing mobiLiTy
internal mobility is one of the most important aspects of career management, helped by the
creation of career paths and the development of conversion courses within the Crédit Agricole
group. At the same time, the introduction of a hr computer system, peoplecare, will make it
possible to professionalise career management.
DeveLop The inTernATionAL breeDing grounD
Worldwide, the hr department has established a breeding ground policy for managers and
candidates willing to relocate. measures have been introduced to identify potential and develop
this at subsidiaries.
rAiSing AWAreneSS oF DiverSiTy
Diversity is at the heart of the company’s concerns. Signatory to the Diversity Charter and
member of imS Entreprendre pour la cité network, in 2009 Crédit Agricole Consumer Finance
also signed the parent's charter guaranteeing a balance between family and professional life.
employees have taken at
least one training course.
TOwArDS A EUrOpEAN
DEgrEE
Crédit Agricole Consumer Finance,
in association with the montpellier
institute of business Science and
management, and the Catholic
university of Lille, has launched its
own degree course: a european bA
in business and Sales. Focusing on
consumer finance and recognised
throughout europe, it enables staff
to gain recognition for their
professional experience. Working by
phone with the help of support
services, employees take a twoyear course. The 5th campaign has
just been launched.
Over 250 internal transfers and
12 full validations of achievements
from experience.
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Profile May 2010
CreDiT AnD GRoWTH
The economic benefits
of consumer credit
An essential part of spending on home equipment, consumer credit contributes directly
to economic growth.
In France, where the weight of household consumption in GDP is high, consumer credit
accounts for a little over 7% of GDP each year. By way of comparison, the building and
public works sector makes up 6.5% of GDP.
The role of consumer credit is deeply engrained in economic history, as reflected in legislation
on interest-bearing loans in the Civil Code in 1804. in the 19th and 20th centuries, consumer
credit grew first on the basis of old models, then in the more innovative form of “buying in
instalments”, allowing households to purchase cars, refrigerators and televisions, for example.
OVErVIEw OF CONSUMEr
CrEDIT
regularly publishes surveys and
analyses on the consumer finance
market in France and abroad.
This research is available
on a special section of Crédit
Agricole Consumer Finance’s
corporate website
(www.ca-consumerfinance.com).
The different retail sectors
(automobile, home equipment, etc.),
new products (co-branded bank
cards, etc.), customer targets and
changes in the consumer finance
market are thus frequently analysed.
3 out of 4 new cars are bought
on credit in France.
in France, consumer credit really started to appear after the first world war, primarily in the
motor industry. other sectors then followed the trend: The Fédération Nationale de
l’Ameublement created Sofinco in 1951. The retail sector also makes an important contribution
to credit growth: Finaref was created in 1970 as part of La redoute.
WhAT exACTLy iS ConSumer CreDiT uSeD For?
Although it is hard to accurately quantify the ultimate use of consumer credit, we can say that
it is divided into three roughly equal parts. The first concerns vehicle finance, the second home
equipment and furnishing and the third the financing of other goods and services, as well as
households’ cash flows.
Cars are the number one consumer good bought on credit: three quarters of all new vehicles
and half of all second-hand vehicles in France. on average, French consumers borrow three
quarters of the purchase price of their vehicle, with an average repayment schedule of four and
a half years. This is not surprising when we consider that the average price of a financed vehicle
– new or second hand – is over €18,000, i.e. half the average annual wage of a household, and
that this purchase price is only one aspect of households’ vehicle budget (fuel, insurance,
maintenance, etc.).
The second largest use of consumer credit is the home (white goods, furniture, improvements,
etc.).
of consumer loans finance
vehicles and home equipment.
Strategy
There is a close link between the property and consumer credit markets. households repaying
a mortgage use consumer credit more than the rest of the population (39% versus 33%).
Apart from the automobile industry in its broadest sense and home equipment and furnishings,
numerous goods and services are bought or subscribed to, involving children’s education as
well as leisure, key events, tax payments and clothing, etc. We also note a growing propensity
towards the financing of services, which is natural given changes in the structure of household
consumption.
point-of-sale credit, which was traditionally the main form of consumer finance, continues to
play a dominant role. For example, half of all new vehicle finance is taken out by individual
customers in a car dealership; 40% of mail-order sales involve a purchase made on credit; this
percentage is 25% for specialist retail.
Credit also contributes to a part of spending switching from physical store sales to the internet.
Credit plays the same role in supporting online commerce as it previously did in retail stores.
of gDp, the spending made possible
by consumer credit in France.
France is notable for relying on
consumer credit less than its major
european neighbours. Average
outstanding per capita in France
(€2,000) is lower than the european
average (€2,400).
Consumer credit outstanding
equates to 12.7% of total
household consumption in France,
compared with an average of
16.2% in the european union
(2008 figures).
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Profile May 2010
BuSINESS LINES
INSPIRING
innovation
18
our buSineSS LineS
20
DireCT SALeS
21
poinT-oF-SALe FinAnCing
22
buSineSS porTFoLio
24
inTerneT AnD e-CommerCe
25
bAnking pArTnerShipS
26
inSurAnCe
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Profile May 2010
our business LINES
Unique products, services
and know-how
The positions carved out in each country where Crédit Agricole Consumer Finance is
active demonstrate the effectiveness of a strategy founded on expertise in its business
lines and a capacity to share cutting-edge know-how developed in France and abroad.
By combining innovative products with proven expertise, Crédit Agricole Consumer
Finance can now give a fast, personalised response to all customer needs and
expectations.
Crédit Agricole Consumer FINANCE: the benchmark
in consumer CREDIT
Crédit Agricole Consumer Finance has become a genuine specialist in consumer credit in
France and abroad. It often occupies a dominant position in all current and future distribution
channels: direct sale, financing – for vehicles and home equipment alike – e-commerce and
partnerships with leading brands.
A comprehensive range of products
CUSTOMISED credit
Crédit Agricole Consumer Finance’s
goal is to offer as many people as
possible access to credit on
responsible lending terms. Being a
project partner means not just
meeting customers’ borrowing
requirements but also ensuring that
repayments are quick and easy.
Through the knowledge and
experience of its teams, Crédit
Agricole Consumer Finance designs
and develops its products to fit
customers’ budgets perfectly.
Its product range now covers all needs expressed on the market. Crédit Agricole Consumer
Finance offers repayment and revolving loans for all amounts requested by customers, as well
as insurance to cover the loans taken out and the goods acquired, and provident insurance to
cover life contingencies (disability, hospitalisation, death) and economic risks (job loss). Crédit
Agricole Consumer Finance also has key expertise in relations between brands and their
clients: the design and management of store or co-branded cards. Crédit Agricole Consumer
Finance has been a pioneer: it was the first to launch a co-branded card with Fiat and Renault.
It also offers new possibilities in more traditional sectors. In 2005, Visa Sofinco cardholders
were the first to be able to choose between spot payment or credit when using their card.
... and cutting-edge expertise
Crédit Agricole Consumer Finance has also developed unique e-commerce skills. By simplifying
and securing transactions, innovative solutions such as ReceiveAndPay, developed in
partnership with Fia-Net, have allowed more than five hundred e-traders to realise their growth
potential, offering an ease of shopping greatly appreciated by online buyers. The increased use
of e-signatures is another important inroad.
TELEX INFO
The Visa Tactik card was the first to allow holders to choose the number
of instalments they would like to make on their purchases.
Business lines
Four distribution circuits
Crédit Agricole Consumer Finance is active on all consumer finance segments with important
positions on each:
• in direct sale via complementary channels: branch networks, call centres, special websites,
•a
t the point of sale for vehicle finance (cars, motorcycles, recreational vehicles, boats) and for
the financing of home equipment and home improvements,
• in specialised retail, large-scale retail, institutional players (banks and insurance), through
customised partnerships for each chain,
• in management of all or part of the consumer credit business for the Crédit Agricole Group's
two banking networks.
Multi-media By transforming consumption habits, information and communication technologies have
greatly affected the methods used to distribute financial services to consumers. Sofinco and
Finaref have overcome numerous challenges since the end of the 1990s. Crédit Agricole
Consumer Finance is continually adding to its expertise in order to offer greater flexibility to
consumers seeking rapidity, universality and security.
Improving communications
Faced with these changes, Crédit Agricole Consumer Finance has established a multi-channel
strategy. Customers are able to communicate at all times and can obtain the information and
services they require almost immediately. The Internet has been revolutionary, backed up by
mobile telephony. The marketing approach to direct sale is global and standard for each
distribution channel. The offering is identical whatever the distribution channel: sales branches,
telephone, Internet, mobile phones. This choice meets demand from consumers wishing to
use a variety of distribution channels.
A personal SERVICE FOR
RECENT CUSTOMERS
Aware of the specific needs of each
customer, Crédit Agricole Consumer
Finance has created a “Welcome”
department. The team that runs this
has been tasked with welcoming
individuals who have been
customers for less than six months.
Indeed, these people have different
needs and attitudes from their
longer-standing peers. Offering them
a dedicated service helps the
relationship and gives them more
solid foundations.
TELEX INFO
E-commerce has been growing very strongly for several years. It has been driven by technological developments,
steadily improving confidence in online purchasing, and growing interest for this channel among consumers.
Furthermore, even when a transaction is not completed on the Internet, e-commerce sites can be used to prepare an
in-store purchase.
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Profile May 2010
DireCT SALES
Closer to customers with
a multi-channel strategy
A well established network, better accessibility and a range of easily customisable
services: there are many benefits of Crédit Agricole Consumer Finance in meeting the
demands of each individual customer.
An oFFering SuiTeD To inDiviDuAL neeDS
Crédit Agricole Consumer Finance directly offers individual customers a full range of consumer
loans and associated services: personal loans, loan consolidation, revolving loans, insurance,
guarantee extensions, point-of-sale customer benefits, etc. beyond the breadth of this range,
there is a customised solution to specific needs.
The STrengTh oF SoFinCo’S brAnCheS
under the Sofinco brand, Crédit Agricole Consumer Finance has 25 city-centre branches in
France, with 10 more accessible by phone or internet. This network brings Crédit Agricole
Consumer Finance much closer to its customers. For several years, Crédit Agricole Consumer
Finance has attached great importance to its availability and has, in particular, extended the
opening hours of its Sofinco sales branches.
inTerneT AT The heArT oF CommuniCATionS WiTh
CuSTomerS
The merger of Sofinco and Finaref led
in particular to the creation of a single
database of more than 16 million customers
in France. This offers a real competitive
edge for Crédit Agricole Consumer Finance
to cover more of the market.
Jean-François Baret
Short Channel Director
rate of
prompted
consumer
awareness
To take advantage of the internet’s surge in popularity, which has resulted in double-digit
growth in online commerce, Crédit Agricole Consumer Finance pursues an active, innovative,
global strategy. The range of online products covers all needs whether these be for a personal
loan, revolving loan or loan consolidation.
This communication channel is attracting growing interest. half of all personal loan applications
via direct sales channel are made over the internet. internationally, all of Crédit Agricole
Consumer Finance’s european entities now have an internet offering. This edge is all the more
critical as online purchasing will again register double-digit growth in 2010.
16 MILLION CUSTOMErS IN FrANCE
Half of all personal loans sold directly are applied for
on website bearing one of Crédit Agricole Consumer
Finance’s brand names.
Business lines
Point-of-sale financING
Essential markets
Vehicle and home equipment purchases account for two thirds of consumer credit
activity in France. Whether an impulse purchase or a practical necessity and whatever
the consumer’s expectations, the credit offering must enable a purchase under
reasonable conditions as and when required. The point-of-sale credit distribution
business meets both customers and sales assistants' requirements. Through its work in
2009, Crédit Agricole Consumer Finance consolidated its position as leader on these
markets.
Viaxel, a solution for all vehicles
Under the Viaxel brand name in France, Crédit Agricole Consumer Finance offers a broad
range of financing and related products to dealers and distributors on the vehicle market: cars,
motorcycles, recreational vehicles and boats.
With Viaxel, vehicle distributors benefit from bespoke services and sales-help tools based on
the latest technologies (PDA pricers, loan simulation packs). Its expertise in vehicle finance is
well known among dealers.
Everything for the home
Home equipment and home improvements are traditional markets on which Crédit Agricole
Consumer Finance has developed through a strong partnership policy. Although home
improvement markets have borne the full brunt of the crisis, the effects of the Grenelle de
l’Environnement should stimulate growth in 2010 and beyond.
A well-targeted Eco Habitat offer
Helping individuals to renovate their primary or secondary residence is the aim of this personal
loan offer. Based on energy savings, it opens the way to tax breaks and grants, and gives
access to numerous post-construction services.
Viaxel is growing
In May 2009, Crédit Agricole Consumer Finance
agreed a new partnership with Mazda Motors
France, which currently distributes Viaxel products
under the Mazda Finance brand.
The home equipment market is the
second largest use for consumer
loans in domestic expenditure.
Sofinco awards
At the annual meeting of the Direct Sale
Federation, Sofinco received the “Partner
Prize” for its expertise and involvement
with this organisation.
21
22
Profile May 2010
WeALTh AnD DiverSiTy oF THE BuSINESS PoRTFoLIo
Supporting
our partners’ expansion
By choosing flexible, transparent partnership structures, Crédit Agricole Consumer
Finance has been able to convince numerous partners to choose its high-value products
and solutions. The diversity of models enables it to answer all partners, whatever their
customer base and its expectations. Calling on this experience, they enjoy permanent
support contributing to their business development.
A ComprehenSive porTFoLio
Crédit Agricole Consumer Finance’s portfolio stands out for its diversity and wealth, as well as
its presence on all daily consumer markets. The group has established close ties with the
largest distance selling companies (La redoute, Télé Shopping, vert baudet, Daxon), pure
internet players (pixmania), department stores (printemps) and some of the leading names in
general (Cora, intermarché) and specialist (Darty, Fnac, Castorama, Décathlon) retail. The
group has also developed significant partnerships activity with institutional operators (insurers,
specialist banks, provident insurance companies).
meeTing neeDS Through proDuCT DiverSiTy
THE GOAL OF THE PARTNERSHIPS DEPARTMENT
“Provide partners and their customers with
personalised services by capitalising on our
renowned expertise, our sense of
performance and our culture of innovation”.
Gilbert Ranoux
head of partnerships
on all of its partners’ distribution channels, whether physical or virtual, Crédit Agricole Consumer
Finance offers a highly varied range of products. This includes store cards, co-branded cards
(backed by an international network such as visa or masterCard), a whole range of repayment
loans (from vehicle loans to loan consolidation) as well as insurance of goods and individuals.
CArDS ADApTeD To eACh brAnD
each card, bearing the colours and DnA of the brand, offers a series of specific benefits chosen
in direct collaboration with partners (discounts, guarantees, loyalty schemes, etc.). This adds
value in two ways: customers become more loyal and enjoy higher purchasing power thanks
to payment facilities.
TELEX INFO
Always at the cutting edge of innovation, in April Crédit Agricole
Consumer Finance launched an iphone application adaptable to its
partners, enabling store card holders to check their account and access
a range of practical services. in particular, they can locate their nearest
store from wherever they are.
Business lines
muLTipLe AreAS oF experTiSe To SupporT pArTnerS
To provide better support for its partners, Crédit Agricole Consumer Finance offers a vast range
of expertise: optimisation of brand marketing plans, customer files and even credit ratings. it
also offers an industrial and flexible infrastructure: dedicated call centres, integrated data entry
tools, etc. indeed, creating products capable of developing brand sales assumes complete
management of cards as well as a partner strategy to be able to provide the most appropriate
offers at the most suitable opportunities.
DiverSiTy oF pArTnerShipS
Crédit Agricole Consumer Finance designs and manages different types of partnership
according to the positioning chosen by its partners: commercial partnership (simple business
contribution), simplified co-owned company in which governance and earnings are shared, or
joint venture - a specialist financial company that acts as lender.
ACTive DeveLopmenT
Crédit Agricole Consumer Finance is actively developing thanks to its ability to adapt processes
and to the quality of its strategic advice, with innovation as a catalyst: e-signature, customer
web support, apply & buy techniques. This is how the group has been able to quickly seize new
opportunities such as co-branding (launch of Total, intermarché and renault cards) and online
trading (pixmania). Through a more in-depth knowledge of partners and their marketing
experience, it is able to offer specific selling techniques to suit individual business plans.
INTErNATIONAL pArTNErSHIpS
Crédit Agricole Consumer Finance’s unique knowledge of its partners
is naturally applied at an international level: the group is present on
numerous retail and home equipment markets in europe: Carrefour,
FnAC, Décathlon, vorwerk, Apple, etc.
SIX prINCIpLES UNDErSCOrE
ITS COMMITMENT
Branded:
the offer presented to customers is
given the brand’s colours at pointof-sale and for direct marketing if the
partner wishes.
Customised:
adapts its offering and management
to each sector and to partners’
demands to maximise value-added
for customers.
Transparency:
at all stages of the partnership,
Crédit Agricole Consumer Finance is
completely visible during both the
provision of services and joint
activities.
Data security:
each partnership is managed by a
team of specialists (marketing, call
centres, on-the-ground sales teams)
led by a dedicated manager.
All-inclusive:
Crédit Agricole Consumer Finance’s
commitment is wholesome; it
naturally includes all development of
the offering rendered necessary by
changes in the market and
regulations.
Adapted financial organisation:
the aim is to provide the flexibility
needed to meet the common
interests of the partner and Crédit
Agricole Consumer Finance.
23
24
Profile May 2010
inTerneT AnD E-CoMMERCE
Crédit Agricole Consumer Finance,
key e-commerce player
With its experienced gained from Sofinco and Finaref, Crédit Agricole Consumer Finance
is a long-standing partner to retail brands in various sectors. Where it has offered pointof-sale credit on behalf of retailers for decades, it now actively supports the growth
of its retail partners and pure players on the Internet, providing solutions adapted to
online sale.
CréDiT AgriCoLe ConSumer FinAnCe: A TrADiTion
oF innovATion
CrEDIT SUppOrTS
E-COMMErCE
online credit can be used to press
two important levers that benefit the
development of the e-commerce
site, partly by increasing the value
of the average cart, and partly
by offering an additional incentive
to buy.
According to a Sofinco/Fia-net
survey in January 2009, 76% of
internet users said they would
postpone or cancel their purchase
if credit was not offered. equally,
25% of these were motivated by the
presence of a credit offer on the
website when choosing a retailer.
by transforming consumption habits, information and communication technologies have
greatly affected the methods used to distribute financial services to consumers. Calling on the
experience of Sofinco and Finaref, Crédit Agricole Consumer Finance has overcome numerous
challenges since the 1990s. The first company to have launched an online loan site in France
in 1997, it has, since 2001, been offering loan simulations with immediate pre-acceptance on
subscription. in 2006 it incorporated e-signatures.
ConSTAnT SupporT For iTS pArTnerS
Today, Crédit Agricole Consumer Finance provides its partners with numerous resources on
the internet – in particular with the creation of financing options linked directly to online sales –
and mobile media, with the launch of dedicated sites and several applications for iphone and
Android smartphones, thus widening its audience and accessibility.
e-SoLuTionS: oFFerS SuiTeD To e-CommerCe
With e-solutions, Crédit Agricole Consumer Finance has an offering that covers all needs of
e-commerce websites and their users. This portfolio of solutions includes resources acclaimed
by numerous partner brands such as receiveAndpay, @chat crédit, e-paiement Carte enseign,
@tout fi and e-pub. To support the development of these partners, it also offers a broad range
of online subscription tools, from a simple application to open a store card to “apply and buy”
solutions, where finance is available as soon as the card is opened.
million the
number of
e-buyers in France
in 2009 (FevAD).
of e-buyers report that it is
quick and easy to buy on credit
over the internet.
Business lines
bAnking PARTNERSHIPS
An alliance of skills
To support their consumer finance activity, Crédit Agricole Consumer Finance provides its
specialist expertise to Crédit Agricole Regional Banks (CRCA) and to LCL. Crédit
Agricole Consumer Finance’s control of the whole consumer finance value chain is
made available to its partners through a structure dedicated to banking networks.
ever-inCreASing number oF pArTnerShipS
outstanding managed by Crédit Agricole Consumer Finance’s banking partnership Department is
rising all the time and has passed the €11.5 billion mark. The number of agreements accelerated with
the creation of Consocam five years ago, for use by regional banks in the Crédit Agricole group.
SpeCiAL TreATmenT
Crédit Agricole Consumer Finance secures data and processes within its information system.
The banking partnerships Department plays a general role involving the management of
relations with group entities (regional banks, intercompany iT ventures, Crédit Agricole S.A.
and the various departments of LCL) as well as the provision of services (marketing, reporting)
and the direction of a sales and after-sales service on behalf of regional banks and LCL.
DeDiCATeD TeAmS
To guarantee partners a consistent level of service, Crédit Agricole Consumer Finance provides them
with customised structures with their own sales, marketing and call centre resources. These
dedicated, autonomous teams work exclusively for the banking partner and adapt the expertise of
Crédit Agricole Consumer Finance to the needs of the customers of these general banking networks.
A groWTh Lever
The effectiveness of this system is constantly leading regional banks to reach partnership
agreements with Crédit Agricole Consumer Finance. 21 have already signed a global partnership
agreement covering repayment and revolving loans. in a declining market in 2009, the expertise
of Crédit Agricole Consumer Finance teams helped partners to increase production with the
development of new products such as the Cartwin bank card for regional banks and valueadded services for LCL.
TELEX INFO
Crédit Agricole Consumer Finance developed the Cartwin card specially
for Crédit Agricole regional banks, enabling customers to choose between
immediate payment or credit for each transaction.
25
26
Profile May 2010
INSURANCE
Growth
through innovation
With a culture of adapting to the characteristics of each brand, the insurance business
is innovating constantly. As a result, it is attracting new partners and developing
internationally.
Solid expertise
Crédit Agricole Consumer Finance has capitalised on lengthy experience of insurance through
Finaref Assurances and EDA. In the 1980s, it launched a brokerage business that led it to
distribute products to other insurers, before creating its own companies in the late 1990s.
Today, Crédit Agricole Consumer Finance offers a broad range that covers borrower insurance
on consumer loans (issued through partner brands), provident insurance (hospitalisation,
invalidity, death, etc.) and product guarantees in France and abroad. This activity is primarily
conducted through the various entities of Crédit Agricole Assurances (Prédica, Pacifica and
CACI).
Adapting to the needs of each brand:
a culture and a strength
In 2009, Crédit Agricole Consumer Finance
held €550 million in insurance premiums,
excluding tax, all products combined
(borrower insurance, provident insurance
and product guarantees). Performance is
not just remarkable but also promising.
Behind this figure lies considerable room for
improvement with the range being
expanded every month.
Philippe Lavaurd
Head of Insurance Distribution
A specialist in bespoke credit, Crédit Agricole Consumer Finance also takes this approach to
insurance. Always willing to listen to partners, it designs solutions in a spirit of permanent
innovation to offer products and services suited to their activities, their customers’ expectations
and sales volumes.
An ever-more rich and innovative offering
In 2009, Crédit Agricole Consumer Finance introduced new insurance products intended for
partner brands. For example, it improved La Maison de Valérie’s Mandarine card with revised
borrower insurance (see below), and launched an “express multi-exchange” service with Surcouf.
This product stands out for its simplicity, as it allows customers to insure all technical products
bought – up to five items – instead of having to take out separate policies for each one.
an additional guarantee
A review of La Maison de Valérie’s Mandarine card led the Finaref teams
to include within its initial services a guarantee that, in the event
of incapacity or hospitalisation, gives holders vouchers for a total
of € 250.
Business lines
Sustaining partners’ international growth
To support the development of its distributor partners, Crédit Agricole Consumer Finance has
extended its offering abroad. Among current projects, those with FNAC Spain deserve a special
mention. Crédit Agricole Consumer Finance first demonstrated its effectiveness in France
before agreeing new partnerships.
Goods replacement insurance in Spain
In 2009, FNAC Spain contacted Crédit Agricole Consumer Finance to extend its range of
services with one commensurate with its high-end image. Analysing this request and the
positioning of the brand resulted in the creation of an original product to insure purchases. Over
a period of three to five years, this allows for a broken item to be replaced quickly and easily
with another of equal quality.
crédit agricole consumer finance:
leader in games console insurance
The expertise of Crédit Agricole Consumer Finance teams and their innovative skills also won
over Micromania. Since 2009, this chain specialising in video games has been offering insurance
that covers against faulty consoles. Through this new partnership, which comes in addition to
those agreed with FNAC and Game, Crédit Agricole Consumer Finance is now leader in this
insurance of this type of product.
New-for-old
In 2009, Crédit Agricole Consumer Finance rolled out the
“new-for-old” guarantee to its FNAC stores in Portugal,
Spain, Belgium, Italy and Monaco. From 2010, Switzerland
will benefit too.
PROVIDENT INSURANCE: A
STRONG VECTOR OF GROWTH
As with normal insurance, provident
insurance is growing strongly.
Through Finaref Assurances,
offers a comprehensive range
of policies guaranteeing a lump
sum payout in the event of
hospitalisation, disability or even
job loss, for example. Adapted
to changes in society and based
on clear descriptions to facilitate
decision-making, these products
can be easily adapted to multichannel distribution. More than
120,000 policies had already
been signed in 2009.
27
28
Profile May 2010
INTERNATIoNAL
INSPIRING
change
29
30
inTernATionAL preSenCe
32
The group AbroAD
30
Profile May 2010
INTERNATIoNAL PRESENCE
A major global consumer
credit player
With 61% of its outstanding managed outside France and a
presence in 21 countries, Crédit Agricole Consumer Finance
is the european leader in the sector.
d
Germany
Managed outstandings end-2009
b
€4,630m
Saudi arabia
dk
FGA CAPITAL
eS
SPain
F
France
Gr
Greece
FGA CAPITAL
EMPORIKI CREDICOM
FGA CAPITAL
€1,406m
CREDIGEN
i
italy
€28,179m
€29,503m
SOFINCO
FINAREF
FGA CAPITAL
HunGary
€76m
€812m
H
FINAREF NORDIC
FORSO NORDIC
DAN AKTIV
FGA CAPITAL
FORSO NORDIC
auStria
€217m
denmark
Finland
€449m
€638m
SOFINCO SAUDI FRANSI
Fin
FINALIA
FGA CAPITAL
€49m
a
€187m
CREDITPLUS BANK
FGA CAPITAL
Sa
belGium
AGOS DUCATO
FGA CAPITAL
ma
morocco
€1,514m
WAFASALAF
International
S
Fin
n
dk
nl
Gb
Pl
b
F
d
cz
a
cH
Sk
H
i
eS
P
Gr
ma
n
norway
S.a.
P
€473m
tHe netHerlandS
CREDIBOM
FGA CAPITAL
cz
€3,642m
Poland
€314m
FGA CAPITAL
Sk
S
united kinGdom
€1,037m
FGA CAPITAL
2008 acquisition
Non-significant outstandings
Sweden
€154m
czecH rePublic
FINAREF NORDIC
FORSO NORDIC
CREDIUM
Gb
Slovakia
CREDIUM SLOVAKIA
€506m
CA DEVEUROPE
FGA CAPITAL
Pl
€1,581m
FINAREF NORDIC
FORSO NORDIC
nl
PortuGal
cH
Switzerland
€468m
FGA CAPITAL
31
32
Profile May 2010
INTERNATIoNAL
Editorial
The europeAn LeADer iS gAining A STronger
FooThoLD WorLDWiDe
present in 21 countries, 19 of which are in europe, Crédit Agricole Consumer Finance is the
european leader in the sector. it has a portfolio of 26.5 million customers and managed
outstandings of €75.8 billion at the end of 2009. international growth has been very strong
since the creation of the first subsidiary in morocco in 1988, accelerating in recent years with
a sixfold increase in worldwide managed outstandings between 2004 and 2009.
Crédit Agricole Consumer Finance is able
to adapt its positioning and strategy to the
often very different characteristics of the
countries in which it is present. In March
2009, the Chinese national constructor
Guangzhou Automobile Group Co Ltd
(GAC) and Credit Agricole Consumer
Finance signed an agreement to create a
company specialising in vehicle finance on
the promising, booming Chinese
automobile market. Crédit Agricole
Consumer Finance has taken over as leader
in Italy following the merger of Agos and
Ducato. In Germany, where the consumer
credit situation is changing, Creditplus
continues to increase its market share and
is rapidly developing its Internet activity.
There Are Three mAin reASonS For ThiS STrong
inTernATionAL DeveLopmenT:
The first is the organic growth of existing subsidiaries consolidating their position and
developing their consumer finance activities. in the majority of countries in which it is present,
Crédit Agricole Consumer Finance continued to gain market share in 2009, strengthening its
number one position in several countries including morocco, italy, The netherlands and
portugal.
The second is the development of partnerships: with retail brands and institutions on the one
hand, and with major automobile constructors on the other. notable examples include the
creation of FgA Capital with the Fiat group in 2006 and Forso nordic with the Ford group in
2008.
The third is the acquisition or creation of new companies, either to strengthen the group’s
presence on a market (acquisition of companies in portugal, The netherlands and italy,
making it leader in each country), to penetrate new markets as was the case in Slovakia in
2008, or to create a new company in China, which has granted Crédit Agricole Consumer
Finance access to this market of the future.
This international development is also based on skill-sharing between different subsidiaries, in
terms of products and risk management.
Alain Breuils
Deputy Ceo, international business
million
international
customers.
billion euros: worldwide managed
outstandings at end-2009.
61% of outstandings managed by Crédit
Agricole Consumer Finance was held
abroad at the end of 2009.
International
International
Subsidiaries
Germany
2009: recognition for the group’s online loans
Creditplus Bank is the fifth largest credit institution in Germany with outstanding of €1.8 billion at the end of 2009,
excluding captives. Although 2009 was still under the effects of the crisis, robust government support for the
motor industry enabled activity in this sector to grow. At the end of the year, Creditplus agreed a partnership with
Ford Bank, expanding its automobile activity (second-hand vehicle finance). Further Creditplus generates 36% of
its business over the Internet, with production of €140 million in 2009, up by more than 40% on the previous year.
The quality of its online loans has been recognised by DISQ, the German Customer Quality Service Institute.
Shareholding structure:
100% CA Consumer
Finance
Outstandings: €1,881m
Staff: 400
Saudi Arabia
2009: A year of consolidation
Sofinco Saudi Fransi, a joint subsidiary of Crédit Agricole Consumer Finance and BSF created in 2007, specialises
in point-of-sale vehicle finance with a range of Islamic products. After the launch in 2008, 2009 was used to
reorganise business and concentrate on management of the existing portfolio.
50% CA Consumer
Finance 50% Saudi
Fransi Bank
Outstandings: €49m
Staff: 36
Belgium
2009: Notable for development
Finalia posted an excellent performance in 2009 with a 40% increase in managed outstanding and market share
of nearly 6%. At a commercial level, the year was marked by the launch of important partnerships with Darty
Luxembourg and Alain Afflelou, and the development of relations with Leenbakker (No.2 in the Belgian home
equipment and furnishings sector). In December, Finalia agreed a partnership with Apple Financial Services which
brings an 8th country into this pan-European partnership of Crédit Agricole Consumer Finance.
49% CA Consumer
Finance 51% Alpha
Credit
Staff: 14
33
34
Profile May 2010
International
Subsidiaries
Denmark
2009: FINANCING HOME EQUIPMENT
Dan Aktiv is a specialist in point-of-sale financing for home equipment and vehicles. It also issues numerous
personal loans and provides borrower insurance. Against a unique economic backdrop in 2009, Dan Aktiv
strengthened its positions by signing up with a new partner operating over 200 second-hand car dealers, and
reaching a historical agreement with the largest supplier of energy solutions in Denmark, the public enterprise
DONG Energy A/S, for the financing of projects to improve homes’ energy rating.
100% CA Consumer
Finance
Staff: 65
Greece
2009: expansion of the offering on the automobile market
On 31 December 2009, Crédit Agricole Consumer Finance became the single shareholder of Emporiki Credicom,
acquiring the 50% stake previously held by its historical partner Emporiki Bank. With €1.2 billion of managed
outstanding, Credicom is the Greek number one in vehicle finance and the number three in long-term leasing. Highly
active on the automobile market, Credicom launched a new line of borrower insurance products in Greece and is
offering finance to dealers through a floor plan programme (signature of an initial agreement with PGA, importer of
Renault to Greece).
100% CA Consumer
Finance
Staff: 297
Hungary
2009: a year of portfolio growth
In 2009, Credigen gained a stronger foothold on the Hungarian market, especially in the home equipment sector.
Its production has grown significantly on the back of cooperation agreements. Meanwhile, Credigen began a
project to optimise its management chains.
100% CA Consumer
Finance
Staff: 154
International
Italy
2009: A second domestic market
One year after the acquisition of Ducato, in 2009 Agos and Ducato merged to give rise to the company AgosDucato. This new combination is the consumer finance leader in Italy with 15.5% market share. Accounting for
37% of outstanding managed by Crédit Agricole Consumer Finance (including FGA Capital), Italy is hot on the
heels of France and represents the second largest market for Crédit Agricole Consumer Finance. 2010 will be
spent completing the operational integration and unification of the two entities’ management systems. In 2009,
Agos was chosen to become the exclusive consumer finance partner of the Cooperative Credit banking group.
Further, with a view to promoting a responsible approach to consumer finance, Agos-Ducato launched Agos &
Ducato Google Brand Channel.
61% CA Consumer
Finance /
39% Banco Popolare
Staff: 2,177
Morocco
2009: Crédit Agricole Consumer Finance’s stake rises to 49%
Investing in Wafasalaf since its launch in 1988, Crédit Agricole Consumer Finance renewed its strong partnership
with the Attijariwafabank Group, raising its shareholding to 49%. Wafasalaf consolidated its position as consumer
finance leader in Morocco with market share of more than 30%. This leadership was confirmed on all markets:
automobile, retail and direct sales. The business partnership sustained its level of growth through a service providing
agreement with Crédit Agricole du Maroc, and commercial agreements with the Afriquia Petroleum network and
Label Vie, Carrefour’s local franchise.
49% CA Consumer
Finance /
51% Attijariwafa Bank
Staff: 533
THE Netherlands
2009: market leader
In 2009, the Dutch consumer finance market underwent a wave of consolidation against a backdrop of economic
and financial crisis. In these circumstances, Crédit Agricole Deveurope consolidated its leadership position with
market share of 19.9%. 2009 was also marked by the successful integration of the teams and activities of
Interbank and Ribank, which today form a single organisation. At a commercial level, Crédit Agricole Deveurope
is a leader on the brokerage market and has diversified its activity into the automobile sector through a partnership
with Landwind, and the retail sector with De Hypothekers.
100% CA Consumer
Finance
Staff: 296
35
36
Profile May 2010
International
Subsidiaries
Nordic countries (Sweden, Finland, Norway)
2009: HOLDING ON TO MARKET SHARE
Finaref Nordic specialises in the sale of personal loans - mainly in collaboration with Redcats Nordic - and borrower
insurance. Finaref Nordic is present on three markets (Sweden, Norway and Finland), which account for 23%,
25% and 52% of its activity respectively.
In these times of crisis and paying especially close attention to the selection of new customers, Finaref Nordic has
managed to retain its market shares.
100% CA Consumer
Finance
Staff: 40
Portugal
2009: A NEW FINANCE MODEL FOR APPLE FINANCIAL SERVICES
Credibom, as a consumer finance specialist in Portugal, has been registering strong, sustained growth for
several years and is leader on its market with a 15% share. Credibom has gained an additional percentage
point of market share in vehicle finance and more than 10 percentage points in the short channel. In 2009,
Credibom created a new series of financing solutions specially designed for Apple Financial Services, and a
partnership agreement with Ixina, one of the largest European manufacturers of kitchens and present in
Portugal since September 2009.
100% CA Consumer
Finance
Staff: 452
Czech Republic / Slovakia
2009: MORE DIVERSIFIED BUSINESSES
Specialising in vehicle finance, Credium has climbed up to third place in the ranking of vehicle finance companies,
increasing its market share from 7.6% in 2008 to 9.2% in 2009.
Credium Slovakia, the Slovak subsidiary acquired by Credium at the end of 2008, has already reached agreements
with Fiat, Lancia and Alfa Romeo. In addition, a cooperation agreement has been signed with Mazda for the
Czech Republic and Slovakia.
Online selling of short channel personal loans began in 2009 as part of a business diversification policy.
100% CA Consumer
Finance
Staff: 227 (of which 40
in Slovakia)
International
INTERNATIoNAL
Automobile partnerships
FGa caPital
2009: FgA CApiTAL pArTnerS JAguAr LAnD rover AnD ChrySLer
Fiat group Automobiles Financial Services, renamed FgA Capital in January 2009, is the 50/50 joint venture created
in 2006 with Fiat group Automobiles, a historical partner of over 20 years.
in 13 european countries, the company directs all dealer and customer finance operations for Fiat, Lancia and Alfa
romeo. in 2009, the partnership between Fiat and Jaguar Land rover made FgA Capital the “captive” for the
Jaguar and Land rover brands in europe. FgA Capital has also provided finance for the european customers of
Chrysler, Dodge and Jeep since Fiat group Automobiles acquired a stake in Chrysler group LLC. Started in France,
italy, germany, Spain and the united kingdom in 2009, this financing will be extended to other european countries
in 2010.
50% CA Consumer
Finance /
50% Fiat Auto
outstandings: €16,121m
Staff: 1,795
ForSo nordic
2009: ForSo norDiC WorkS WiTh ForD in norThern europe
Forso nordic is a 50/50 joint venture between FCe bank pLC, a financial captive of the Ford group in europe, and
CA Consumer Finance. its aim is to provide vehicle finance solutions adapted to the needs of dealers and customers
of Ford group brands in Denmark, Finland, norway and Sweden.
Forso nordic brings together the resources and skills of two experts in their field, confident in the growth potential
of nordic automobile markets.
50% CA Consumer
Finance /
50% Ford group
outstandings: €1,078m
Staff: 136
FIrST STEpS IN CHINA
in november 2009, guangzhou Automobile group Co.,Ltd (gAC) and Crédit Agricole Consumer Finance received
“preliminary” authorisation from the China banking regulatory Commission to create a Automobile Finance Company. The
50/50 joint venture will provide financing solutions to customers and dealers of automobile brands linked to gAC in China.
This agreement illustrates Crédit Agricole Consumer Finance’s ambition to expand onto the Chinese market.
guangzhou Automobile group Co., Ltd (gAC) is a public company based in Canton (guangzhou). it is one of the major
automobile constructors in China. in 2009, gAC delivered 607,000 new vehicles, generating sales of around €14 billion.
37
38
Profile May 2010
NOTES
PROFILE
European leader
in consumer credit
2009
Contents
MAY 2010
03
EDITORIAL
04
16
28

Contents - Crédit Agricole Consumer Finance

Transcription

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