Sabadell sells its leasing business to ALD Automotive for 59 million euros

The operation will contribute 10 basis points to its capital ratio.

Banco Sabadell sign

Sabadell has agreed to sell 100% of the share capital of Bansabadell Renting, which has a fleet of nearly 20,000 vehicles, a ALD Automotive for 59 million euros.

This is a long-term strategic alliance for the offer of vehicle rental products that will allow Sabadell to “reinforce the value proposition to its customers in terms of mobility solutions, with a greater and more innovative range of auto-renting products” , the bank has highlighted.

The agreement includes the sale of Bansabadell Renting for a price of €59 million and the operation will foreseeably contribute 10 basis points to the CET1 ratio fully loaded. The sale is conditional on obtaining the pertinent authorizations and its estimated closing will take place in the last quarter of 2021.

AML reinforcement in Spain

This purchase will reinforce the ALD offer in Spain, which currently manages a fleet of 120,000 vehicles, with contracts with large corporations, SMEs and individuals.

“This acquisition will further consolidate our number 1 position in Europe and will contribute to our strategic development plan, Move 2025, which aims to strengthen our competitive advantage to reach 2.3 million total contracts by 2025”, he pointed out. Tim Albertsen, CEO of AML.

For its part, César González-Bueno, its counterpart in Sabadell, has declared that the operation “will allow Bansabadell Renting to expand its scale and efficiency and make a qualitative leap in customer service”.