By Joshua Kirby
Credit Agricole SA said it has finalized a deal to take a stake in electric-vehicle rental business Watea as it looks to expand its EV leasing offer.
The French lender’s leasing arm completed the deal with Watea owner Compagnie Generale des Etablissements Michelin and now has a 30% stake in the business, it said over the Easter weekend. Credit Agricole didn’t set out the financial details of the transaction.
The partnership with Clermont-Ferrand-based Watea will help Credit Agricole leasing and factoring step up its greener offer in business fleets, it said. The business will offer professional and corporate customers EVs for lease, along with recharging and other services, the group said.
Two CA L&F executives will now sit on the board of Watea as part of the deal, while three others have been seconded to the company in executive positions including chief financial officer.
The move into greater EV leasing comes as city administrations take measures to tackle air pollution.
The transaction has no material impact on Credit Agricole’s CET1 capitalization ratio, the bank said.
“Many diesel-powered commercial vehicles will eventually be refused access to the low-emission zones,” Credit Agricole said. The group noted that in the Paris capital region, this will be the case for some vehicles from July this year.
Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby
