Brussels, 06/12/2006 (Agence Europe) - On 5 December, the European Commission authorised plans of French banking group Crédit Agricole and Fiat Auto, a subsidiary of the Italian group Fiat, to create a joint venture. Further to the planned operation, Fiat Auto and Crédit Agricole will take joint control of Fidis Retail, a business which currently belongs to four Italian banks and which specialises in car finance for individuals. The Fiat Group will then transfer its subsidiaries which are active in the sectors of car finance for concession-holders and car fleet management to Fidis Retail, which will be known as Fiat Auto Financial Services (FAFS). Despite various horizontal and vertical overlaps, the Commission reached the conclusion that the proposed operation would not significantly hinder effective competition in the European Economic Area, or a substantial part thereof. (cd)