Europcar, a wholly owned subsidiary of Volkswagen, said the decision gives it the opportunity to concentrate on its growing short-term rental business. Last year Europcar sold its 50% share in its French leasing operation to its joint shareholder, BNP Paribas.
Europcar chief executive officer Michael Kern said: 'With the incorporation of the long-term rental division of Europcar in Volkswagen Financial Services in Italy, Spain and Portugal, VW can offer its existing services not only at multi-marque level, but also internationally. This is the start of a multi-marque leasing network across Europe.'
Europcar International marketing director Kirsten Roennau added: 'The fact that both Europcar and Volkswagen Financial Services ran leasing operations did not make much sense, so we decided to hand responsibility for ours over to Volkswagen Financial Services. It still operates under the Europcar Fleet Services brand name and by working with Volkswagen Financial Services the leasing service can be expanded across Europe. Our next move will be into France.'
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