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Italy's Fiat completes financial services sale to France's Credit Agricole

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Italy's Fiat SpA said Thursday it had completed the sale of the 50 per cent stake in its consumer credit unit Fidis for US$1.32 billion to French bank Credit Agricole.

In a statement to the Italian stock exchange, the carmaker said the sale earned it a capital gain of about $592.78 million and would lower its net industrial debt by around $461 million.

Fiat and Credit Agricole announced the deal in July and the European Commission cleared the operation earlier in December.

Under the deal, Fiat Auto and Credit Agricole agreed to acquire joint control over Fidis Retail, a company active in car purchase financing for consumers which was owned by four Italian banks.

Fiat Group would then transfer its subsidiaries active in car purchase financing for concessionaires and fleet management services to Fidis Retail, which would be renamed Fiat Auto Financial Services.

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Italy's Fiat completes financial services sale to France's Credit Agricole
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