The Subsidiary In Spain of Crédit Agricole Consumer Finance, Sofinco, Advances In Its Objectives And Reaches 1,000 Million Euros Euros Eun Icentes Españoles, And Has Approved A Capital Increase Of Docans To Face The “heavy Investment” In The project development.
As reported this Wednesday by the entity in a press release, the operation, approved by the shareholders’ meeting, seeks to continue with the implementation of the strategic plan, which plans to gain 5% of the consumer credit market in Spain through end of 2025
Since the appearance of Sofinco in Spain, the parent company has carried out four capital increases to maintain the capital ratio in accordance with the growth and development of the business. Crédit Agricole Consumer Finance launched its Sofinco brand in the Spanish market in January 2022, a leader in consumer credit in France for 70 years, where it has 4.8 million customers.
Crédit Agricole focused on southern Europe at the end of 2022 After its break with Bankia, Sofinco, formerly known as SoYou, aims to be profitable in 2024 and reach a turnover of 1,600 million in 2025
