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Société Générale Group reported a 2.7% year-on-year growth in new business of its equipment finance division in Q1 2016.

According to the group, growth was focused mainly on the transport and industrial equipment sectors.

Outstanding loans amounted to €15.4bn,up 4.4% year-on-year.

The operational vehicle leasing and fleet management fleet division enjoyed strong growth in its vehicle fleet, which grew by 9.1% in Q1 2016 compared to the same period in the previous year.

"This performance was underpinned by the successful development of its partnerships with car manufacturers and retail banking networks," wrote the group.

Société Générale said that ALD Automotive has strengthened its position in the SME customer segment of the fleet market, and accelerated its growth in the French and European markets through with the acquisition of the Parcours Group.

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By GlobalData