Car Lease Uk

BMW to Buy ING Car Lease for E700m

The total value include purchase price of E637m based on 2010 year end book value and estimated earnings of 2011 until closing the agreement.

The agreement, which is subject to regulatory approvals, is expected to close in the fourth quarter of 2011. Other leasing and factoring businesses, including ING Lease and ING Commercial Finance, are not affected by the agreement, said ING.

ING Car Lease sale will result in a net transaction result of approximately E335m and a capital release of around E530m.

The transaction is expected to have a positive impact on ING Bank's core Tier 1 ratio of 17 basis points, based on the core Tier 1 ratio of 10.01 percent as on March 31, 2011.

Jan Hommen, CEO of ING Group, said: “The sale of ING Car Lease illustrates ING's continued actions to streamline our business and simplify the company. Going forward ING will continue to build on its leadership position as a predominantly European Bank with a strong international network focused on providing its customers consistent high-quality services.”

ING Car Lease is an operational car leasing and fleet management business in Europe, with 240,000 vehicles. Its operations were started in 1977 and in 1985 it became a part of ING Group. It employs a total workforce of around 1200 employees and its balance sheet total was E3.5 billion as on December 31, 2010.

BMW Group is a manufacturer of cars and motorcycles. It is active in fleet management services through Alphabet, a BMW Group division headquartered in Munich, Germany. Established in 1997 in the UK, it has around 750 employees.

Alphabet offers consulting, financing and car services to more than 12,000 customers and manages more than 300,000 multi-brand company car contracts and is represented in 14 countries.

How far the deal benefits Alphabet?

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