Fleet News

Hambros joins fleet sector

INTERNATIONAL merchant bank Hambros has become the latest major financial institution to enter the leasing and fleet management market, via a joint venture with Zenith Vehicle Contracts. The two companies have this week established Hambros Vehicle Solutions, in which Hambros has a 70% shareholding, and Zenith 30%.

HVS will offer customers a full range of finance and fleet management services, including contract hire, contract purchase, acquisition and disposal facilities, personal leasing products, maintenance and contract management, and insurance and accident management. These services will fill a perceived gap in the bank's portfolio of value added products for its clients.

HVS's target market of professional and financial institutions mirrors Zenith's customer base, and focuses on a growing area of the fleet market where employers offer staff access to a car via a cafeteria style benefits package.

As a merchant bank and investment group Hambros will provide both finance, and financial tax expertise; while Zenith enjoys a considerable reputation for delivering high quality fleet services. While the two partners will remain independent, Zenith will initially provide the back office support for HVS. The business plan forecasts 1,000 vehicles on the books within a year.

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