Talks between Royal Bank of Scotland (RBS) and
GE Capital over the sale of the bank’s Lombard Vehicle Management
have ended.
RBS put the business up for sale in June as
part of the 84% state-owned bank’s disposal of non-core assets and
GE Capital was immediately identified as a likely bidder.
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However, talks between US-based GE Capital and
RBS ended after the two parties failed to agree a price for the
vehicle leasing business.
GE Capital was reported as being in contention
for the acquisition of ING Car Lease, which was purchased by BMW’s vehicle leasing company
Alphabet, and also linked to a bid for Masterlease in late 2010
which was bought by Investec and Leasedrive.
A spokesman for RBS said Lombard VM remains on
the market and the bank is looking at new bidders and stressed
reports the unit would be wound down are inaccurate.
The spokesman said: “RBS continues to explore
options for the future of its Lombard Vehicle Management business
as part of the Strategic Plan announced in 2009 to return RBS to
standalone financial strength.”
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By GlobalDataA further non-core business, RBS Aviation
Capital, is currently up for sale and GE Capital is
widely reported to be interested in the Dublin-based aircraft
leasing business.
GE Capital declined to comment.
grant.collinson@vrlfinancialnews.com
