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Alphabet to acquire ING Car Lease
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 Dutch bank ING has announced that it is to sell its car leasing business – ING Car Lease – to BMW Group fleet management division Alphabet. ING Car Lease is active in 8 European countries and manages a fleet of 240,000 vehicles. Alphabet manages more than 300,000 company car contracts and is today represented in 14 countries.The sale is expected to raise a total of around 700 million Euros, all elements included.
ING Group chairman Jan Hommen said that this decision is in line with the desire of ING to simplify its business and strengthen core activities: “ING will continue to build on its leadership position as a predominantly European bank with a strong international network focused on providing customers with high quality services.” If all regulatory matters are handled, the sale is expected to go through during the fourth quarter of this year. ING's other leasing and factoring activities, including ING Lease and ING Commercial Finance, are not affected by this announcement.
From the Alphabet side, Norbert van den Eijnden, head of the company, commented: “In the growing European fleet management market, ING Car Lease is the perfect fit to complement the activities of Alphabet. Alphabet will increase the number of company car contracts under management to approximately 540,000 and thus consolidate its competitive lead in the European fleet management market.”
There is an increasing demand for flexible mobility and usage solutions, Alphabet believes, and it states that Corporate Car Sharing within the fleet management is one of the company’s current initiatives in order to be prepared for future demands.
| 08/07/2011 | Tim Harrup
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