BMW in £624m car lease deal
The fleet management division of BMW, which has a car plant at Hams Hall near Birmingham, has bought ING Car Lease for €700m (£624m).
ING Car Lease is an operational car leasing and fleet management business in Europe with 240,000 vehicles. It began in 1977 and became part of ING Group in 1985. It now has a total workforce of about 1,200 employees with a balance sheet total was £3.1m on 31 December 2010, ING said.
"The sale of ING Car Lease illustrates ING's continued actions to streamline our business and simplify the company," said Jan Hommen, CEO of ING Group.
"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."
The transaction is expected to close in the fourth quarter of 2011, subject to regulatory approvals.
