Crédit Agricole Leasing & Factoring is strengthening its position as leader in low-carbon mobility in Europe with the legal finalisation of its 30% stake in Watèa by Michelin announced on 1 December 2022. This strategic partnership will accelerate the "greening" and access to Low Emission Zone (LEZ) areas for commercial vehicles weighing less than 3.5 tons. It is in line with Crédit Agricole Group's Corporate Social Responsibility Project and, in particular, its commitment to act on climate change and the transition to a low-carbon economy.
A complete range of low-carbon mobility solutions to support the greening of business fleets
By acquiring a stake in Watèa, Crédit Agricole Leasing & Factoring aims to offer Crédit Agricole Group's professional and corporate customers a complete electric mobility offer that guarantees continuity of activity and quality of service. This includes the provision of electric utility vehicles on long-term leases, on-site or mobile recharging infrastructures, and digital applications to help customers in all business segments on a daily basis: last mile delivery, services and maintenance, housing/construction, craftspeople, etc.
The aim is also to support companies in their efforts to comply with the regulations, as many diesel-powered commercial vehicles will eventually be refused access to the Low Emission Zones. In the Ile-de-France region, some of these vehicles will no longer be able to circulate from July 2023.
CAL&F confirms its ambition to support all professionals and companies in the transition to zero-emission mobility thanks to the strength of the territorial network of Crédit Agricole Group's universal banks.
Hervé Varillon, Chief Executive Officer of Crédit Agricole Leasing & Factoring and Hervé Leroux, Deputy Chief Executive Officer of Crédit Agricole Leasing & Factoring, also sit on the Board of Directors of Watèa by Michelin to support these strategic ambitions by leveraging their financing expertise. Three CAL&F employees have also been seconded to Watèa as Chief Financial Officer, Head of Distribution and Head of Synergies with Crédit Agricole Group.
This transaction has a negligible impact on Crédit Agricole SA's CET1.
