BNP Paribas-owned Arval has agreed to acquire
the vehicle leasing arm of Spanish savings bank la Caixa.
Arval – which alongside BNP Paribas Lease
Group (BPLG), Artegy, and Arius forms the leasing business of the
French banking group – will acquire la Caixa’s fleet management and
contract hire business for €62m.
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The deal will make Arval “leader in vehicle
leasing in Spain”, the company said. It will own a fleet of around
85,000 cars and vans – combining Arval’s 48,000 vehicles with
CaixaRenting’s 35,000 vehicles.
Arval chairman and CEO Laurent Treca
commented: “This partnership agreement with a leading company in
the Spanish market represents a major opportunity for our local
subsidiary, opening up additional fields for growth in a
market where Arval already shows excellent performance.”
According to Arval España, the agreement will
enable the company to further develop its two marketing channels,
“our own sales network and that of our partners, which strengthens
our network in the Spanish business vehicle market”.
The deal is scheduled to be completed by the
end of the year, once authorisation has been obtained from the
Spanish anti-trust authority.
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By GlobalDataCaixaRenting said it will remain active in
equipment and property leasing.
antonio.fabrizio@vrlfinancialnews.com
