Fleet News

Bank giant takes over assets

THE EU has approved the takeover by French banking giant Societe Generale of several assets belonging to Ford Lease Business Partner in a number of European countries.

Countries involved are Italy, Spain, Denmark, France, Germany, Belgium and Finland and a statement by the EU said overlaps between the companies’ activities in the full fleet leasing and management services sector were limited in Italy, Spain, Germany, the Netherlands and Belgium.

It added: ‘In France and Denmark, Societe Generale is one of the main operators, but Ford Lease Business Partner is a small player with a minor presence on the market. Additionally, in these countries Societe Generale/ALD faces strong competition from important banking institutions and car manufacturers.’

It also stated that after the merger the combined company would continue to face strong competition in Finland.

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