ALD to acquire BBVA Automercantil in Portugal
Vehicle lease and business mobility specialist ALD is expanding its footprint in Portugal. On 26 April 2019, ALD signed an agreement to acquire BBVA Automercantil’s vehicle renting portfolio in Portugal and to be able to offer the full service leasing solution via BBVA. The completion of this transaction will be subject to the agreement of the Portuguese Competition Authority. This agreement reinforces an earlier acquisition with BBVA in Spain in 2017.
BBVA is a leading bank in Consumer Finance in Portugal. It operates a network with 14 branches and provides a full array of financial and non-financial products and services.
Mike Masterson, CEO of ALD (pictured), 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.”
At end March 2019, ALD’s total fleet represented 1.68 million vehicles managed worldwide, including 21,000 vehicles in Portugal. ALD is present in 43 countries across the globe.