GENERAL Motors financial services arm GMAC has increased its presence in the international fleet business by announcing a move into the important Dutch leasing market.

It has signed a new 'strategic alliance' agreement giving it a 60% equity interest in SNS Automotive, a subsidiary of SNS Reaal Invest.

SNS Automotive now becomes part of the Masterlease Europe group, GMAC's full service leasing organisation in continental Europe.

The move marks GMAC's first entry in the Dutch full service leasing market, which it describes as 'very important'.

The company says the deal is a major move forward for the further expansion of GMAC's full service leasing business through its Masterlease subsidiaries.

Len Clayton, chief executive GMAC Global Full Service Leasing, said: 'The Dutch full service leasing market is one of the most important in Europe and represents a crucial ingredient within the portfolio of any global full service leasing provider. The acquisition of SNS Automotive allows GMAC to enter this key market with a professional and experienced management team, a committed and dedicated workforce, and an excellent IT platform.

He added: 'This is a vital step in our strategy to expand our full service leasing presence in Europe.'

SNS Automotive managing director Harm Nijlunsing said: 'Within the competitive Dutch leasing market, SNS is excited to be joining forces with GMAC, an international player in the full-service leasing market. This co-operation will allow us to benefit from an international network, pan-European clients and the considerable expertise and experience of GMAC in this business.'

Altogether, Masterlease and Interleasing operate about 150,000 vehicles in Europe, the majority in the UK and Germany, and as part of the General Motors empire Masterlease has an inherent international outlook.