Societe Generale’s fleet leasing subsidiary ALD Automotive has signed an agreement to acquire BBVA Automercantil’s vehicle renting portfolio in Portugal.
The transaction also includes the entry into an agency agreement whereby BBVA will make a full service leasing solution managed by ALD available to its corporate and private customers in Portugal.
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BBVA operates a network in Portgual with 14 branches and provides an array of financial and non-financial products and services. The agreement reinforces an initial acquisition and distribution agreement entered into with BBVA in Spain in 2017.
This transaction is intended to strengthen ALD’s full service leasing presence in Portugal while expanding the commercial reach of its product offering in a growing market.
At the end of March 2019, ALD’s total fleet represented 1.68m vehicles managed worldwide, including 21,000 vehicles in Portugal.
Mike Masterson, chief executive officer of ALD, said: “BBVA has become a close partner of ALD 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.”
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By GlobalDataThe completion of this transaction will be subject to the agreement of the Portuguese Competition Authority.
In March ALD signed an agreement to acquire SternLease, the leasing arm of Stern Group, the Dutch listed automotive retail company.
SternLease has a fleet of approximately 13,000 vehicles rented to SMEs and private individuals in the Netherlands. The subsidiary provides leasing services through direct distribution and Stern’s network of 85 local dealerships.
ALD Automotive UK’s managing director is stepping down from his role this month following 22 years at the company.
Mel Dawson will be leaving the business on June 30th and his successor has been announced as Tim Laver, ALD UK’s director of finance and risk, who takes over on July 1st. Laver joined ALD Automotive in 2005 and became finance director in 2012.
