ALD to use Bansabadell Renting acquisition to boost full-service leasing in Spain
ALD has signed an agreement to acquire Bansabadell Renting, the full-service leasing arm of Banco Sabadell in Spain.
Banco Sabadell is one of the largest banking groups in Spain and the acquisition will add 20,000 vehicles to ALD’s fleet, positioning the company as the second largest player in the market. It will also strengthen ALD’s SME and private lease offering in Spain.
Tim Albertsen, CEO of ALD, said: “This acquisition leverages our positioning in the full-service vehicle leasing segment and we look forward to a successful collaboration with Banco Sabadell. This transaction will further consolidate our number one position in Europe and contribute to our strategic development plan, Move 2025, which aims at strengthening our competitive edge to reach an expected c. 2.3 million total contracts by 2025.”
But the deal will also mark ALD’s entry into a white-label distribution agreement; Banco Sabadell will offer a full-service leasing solution managed by ALD to its SME and private lease customers in Spain.
César González-Bueno, CEO of Banco Sabadell, commented: “We are delighted to have entered into a strategic partnership with ALD. This alliance represents a significant step forward for Bansabadell Renting in terms of scale and efficiency, combining Sabadell’s geographic breadth and commercial network with ALD’s experience and market-leading capabilities. We look forward to working together to provide our clients with a wider and improved range of services.”
The completion of the transaction is subject to the agreement of the Spanish Competition Authority.