The joint-venture between Crédit Agricole Consumer Finance and Bankia has been approved by the Spanish Ministry of Economy (Secretaría General del Tesoro) to operate as a financial credit institution. It will start its activities in the coming months, once all the formalities for registration in the official register have been completed. The joint-venture will operate under the SoYou brand.
On May 28, 2018, CA Consumer Finance, a leading consumer finance group in Europe, and Bankia, the fourth largest Spanish bank, signed an agreement to set up a joint-venture in the consumer finance business in Spain.
CA Consumer Finance holds 51% of the capital of this new entity, and Bankia holds 49%.
SoYou, the result of this strategic alliance, aims at becoming a benchmark for consumer credit in Spain. To do this, it relies on the experience that CA Consumer Finance has developed through its presence in 19 countries. This partnership also gives Bankia a subsidiary dedicated to consumer finance, a growing market in Spain.
"This license and the upcoming launch of our business with SoYou in Spain are a major milestone in the achievement of CA Consumer Finance's strategic plan. This new entity will enable us to support our partners in Spain with a complete range of services and the most modern digital solutions," said Philippe Dumont, Chief Executive Officer of CA Consumer Finance.
"We are very satisfied with the launch of SoYou, which will enable Bankia to continue to strengthen its position in consumer finance, thanks to a key partner," said José Ignacio Goirigolzarri, Chairman of Bankia.
Simplifying consumer finance
At its launch, SoYou will focus on point-of-sale financing, both for new and used vehicles and for services and consumer goods, and will then start its personal loan business to the end customer.
SoYou will be based on one of the most complete, flexible and agile technical platforms in the sector. It will offer 100% digital solutions for the B2B and B2C markets.
The choice of the SoYou brand reflects the company's desire to put its partners and customers at the heart of its strategy, by constantly listening to their needs, the close and transparent relationship it will build with them and the modernity of its solutions.
"With SoYou, our objective is to make consumer finance clear and simple for our customers, by making it easier to understand, underwrite and manage," concluded Pierre Adam, Managing Director of SoYou.
