Fleet News

New owner for BCH

BCH Vehicle Management is set to have a new owner after Deutsche Bank, owner of the British contract hire and leasing firm, announced it was selling its equipment finance, leasing and fleet management operations to Societe Generale. The two firms have signed a memorandum of understanding for the transfer the business, which comes as part of a decision by Deutsche Bank to move out of the European specialised financial services market as part of the realignment of the group.

The capital released by the transaction will be used to support the alignment, although it is not known what effect, if any, the change of ownership will have on BCH customers. The fleet subsidiaries of Deutsche Bank made a successful £39.6 million bid for contract hire and fleet management company BCH in 1999. Societe Generale already has equipment leasing divisions throughout Europe and the deal will give it a pan-European fleet of 270,000 vehicles, including Germany, where it has a fleet of 140,000 vehicles.

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