Crédit Agricole Auto Bank, part of French banking giant Crédit Agricole, has entered the Irish market by acquiring the operation here of vehicle fleet leasing experts ALD Automotive for an undisclosed sum through its subsidiary Drivalia.
ALD Automotive Ireland will be rebranded as Drivalia, a pan-European subsidiary of the auto bank that provides rental, lease, subscription and sharing services for private individuals and companies in the mobility sector.
In Ireland, Drivalia will continue to focus on contract hire and fleet management for now, but it will eventually expand to include all of Drivalia’s “planet mobility” services in areas such as electric car sharing, car subscriptions and rentals, the company said.
“Drivalia’s financial strength, strong values and innovative mobility products strengthens our ability to grow and support all our customers’ fleet and mobility requirements now and into the future,” said David Wilkinson, chief executive of ALD Automotive Ireland, who will now lead Drivalia’s Irish operation.
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It currently employs 80 people, but this is expected to increase, with Crédit Agricole Auto Bank and Drivalia regarding the Irish market as an attractive one with growth potential.
The acquisition is part of a larger deal in which Drivalia is also acquiring the subsidiaries of ALD Automotive in Norway and LeasePlan in Czech Republic and Finland, bringing the total number of markets it operates in to 13.
It has received approval from the European Commission for the deal, which it called “a significant step forward” for its European growth.
“We are delighted and proud to welcome the Irish team to our big family. This acquisition marks a turning point for Drivalia’s project in Europe,” said Paolo Manfreddi, chief executive of Drivalia.
The company has more than 650 electrified mobility stores in Europe and 1,600 fully owned charging stations for electric vehicles. It operates the largest private electrified network in Italy.
Crédit Agricole Auto Bank, which has 1,900 employees, mainly operates in the automotive financing sector, working with brands including Alfa Romeo, Chrysler, Fiat, Jeep, Abarth, Maserati, Aston Martin, Jaguar, Lotus and Land Rover.
Crédit Agricole group is the 10th largest bank in the world, and the second largest in France, serving more than 53 million customers across 46 countries.
