Societe Generale is to float its vehicle leasing arm ALD Automotive in the middle of 2017 via the disposal of a limited stake, according to its end of year results.
Societe Generale said the sale would enable ALD to accelerate its growth and become a leader in the mobility sector.
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The bank said: “[ALD’s] stock market flotation will open up new opportunities for it to accelerate its expansion through new sales channels and partnerships, providing it with the capacity to seize growth opportunities.
Societe Generale claimed that as a ‘high value business’, ALD would continue to create value for the group post-flotation. The bank also said that it would maintain a major role in ALD’s refinancing.
Societe Generale Equipment Finance (SGEF) saw outstanding loans increase by 6.1% year on year in Q4 2016, to €16.5bn (£14.1bn), which it claimed was driven by transport and industrial equipment.
Vehicle fleets in the operational vehicle leasing and fleet management increased 14% year on year in Q4 2016, which Societe Generale attributed to the integration of the Parcour Group’s 66,000-vehicle fleet, and partnerships with car manufacturers and retail banking networks.
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