07.07.06
Expansion of ING Car Leasing Company
ING Car Lease, a subsidiary of ING Wholesale Banking, has entered into an agreement with Jardine Motors Group and Barclays Mercantile Business Finance Limited to purchase the UK-based car lease company Appleyard Vehicle Contracts. The financial terms of the transaction are not disclosed.
The vehicle leasing acquisition marks a significant expansion of INGs UK car-leasing operation, and forms part of ING Car Leases strategy to increase its pan-European business operations both through organic growth and selective acquisitions. ING Car Lease acquired the French car leasing operation Autoplan in 2005.
The acquisition will boost ING Car Leases UK fleet by 27,000 units to over 43,000 vehicles, and positions INGs UK car lease business as one of the top ten fleet operators in the UK long-term contract lease market. Appleyard Vehicle Contracts employs 115 staff based in Leeds, who will transfer with the business.