Transfact, the factoring division of French banking group Credit Agricole, will incorporate sister company Eurofactor on 1 October, with the combined group taking on the latter's name. Eurofactor was formerly the factoring unit of Credit Lyonnais and French credit insurance group Euler Hermes. The move marks a further step in Credit Agricole’s integration with Credit Lyonnais, the rival bank it took over in 2003. Transfact and Eurofactor had a combined turnover of €191m last year, and net profit of €32.2m. By the end of June, Credit Agricole will acquire Credit Lyonnais’ 50 per cent stake in the holding company through which both banks own 68 per cent of Eurofactor. The holding will then be dissolved, paving the way for Transfact to acquire Eurofactor.
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