ALD Automotive acquires Spain’s BBVA Autorenting
30 May 2017
30 May 2017
Fleet management and leasing group ALD Automotive, a subsidiary of French bank Société Générale, has acquired BBVA Autorenting, the leasing subsidiary of leading Spanish bank BBVA.
The acquisition strengthens ALD’s leasing presence in Spain, which ALD calls ′an important and growing market,’ with BBVA Autorenting being the 7th largest full-service lease provider on the Spanish market with around 25,000 vehicles in its fleet. The announcement is the next stage in the interlinking of the two subsidiaries, with most of the BBVA subsidiary’s vehicles already managed by ALD Automotive under a fleet management contract.
A second part of the agreement involves ALD creating a white-label full-service leasing service for BBVA within its 3,174 branches in Spain (which will be re-branded BBVA), to be aimed at both corporate and private customers.
ALD Automotive CEO Mike Masterson said: ′BBVA has become a close partner of ALD Automotive in recent years. This transaction further leverages our positioning in the full service vehicle leasing segment, while strengthening our relationship with BBVA.
′It is an example of our ability to build durable long term partnerships with leading European banks.’
The transaction is expected to be completed in Q3 2017, subject to approval by the Spanish Competition Authority. Last year, BBVA generated net income of €12.3 million.
ALD Automotive is one of the largest leasing companies worldwide, managing 1.4 million vehicles across 41 countries. It aims for an ′organic growth profile,’ by pursuing value-adding, ′bolt-on acquisitions.’
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