ALD acquires Bansabadell Renting in Spain
This Thursday, ALD signed an agreement with Banco Sabadell in Spain to acquire Bansabadell Renting (BR), the bank’s vehicle leasing subsidiary (‘renting’ is the term used in Spain for full-service leasing). BR manages about 20,000 vehicles.
Linked to the acquisition is a deal whereby ALD provides a white-label solution to Banco Sabadell, which then will be able to offer a full-service leasing solution to both its SME and private customers, via its 1,588 local branches throughout the country. The offer will be branded by the bank, but managed by ALD.
The transaction is part of ALD’s strategy to focus on adding value via bolt-on acquisitions. It will strengthen ALD’s position in Spain, making it the second-largest player on the leasing market. ALD Spain currently manages around 120,000 contracts, with large corporates, SMEs and private individuals.
Image: Central Madrid (Shutterstock)