Germany-based IKB Leasing Group has acquired the business operations and new business activities of commercial vehicle and truck lessors Albis Mobil Lease (AML) and UTA Leasing.

According to the group, the acquisition will enable it to expand its offering in the field of leasing and hire-purchase financing of commercial vehicles and trucks.

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IKB Leasing has been offering machinery and equipment leasing as well as IT and business services leasing in a number of European countries.

"The existing partnerships with customers and cooperation partners of AML/UTA are to be continued and expanded," the group wrote.

The business activities of AML/UTA will continue as separate companies, and will operate as wholly-owned subsidiaries of IKB Leasing.

The current portfolio of leasing and refinancing agreements will remain at AML/UTA and will be managed by the IKB Leasing Group. The employees of AML/UTA will be taken on by the IKB Leasing Group.

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