Lombard Vehicle Management is to be wound
down, with ALD Automotive announced as provider of contract hire
and fleet management products for Lombard in future.
The Royal Bank of Scotland (RBS), which categorised its fleet
subsidiary as non-core in June 2009, will write no new fleet
business under the LVM brand.
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A five-year agreement between RBS and ALD will see the
French giant provide service to existing LVM customers until
existing contracts to come to term within the next three
years.
A spokesman for RBS said: “Having to cut jobs is the most
difficult part of our work to rebuild RBS. The decision to close
Lombard Vehicle Management was a difficult one but is a necessary
step in our plan to de-risk and re-focus RBS, making the bank safer
and stronger. We will do all we can to support our staff, offer
redeployment opportunities wherever possible, and keep compulsory
redundancies to an absolute minimum.”
LVM is currently the UK’s fifth largest fleet business, with ALD
ranked sixth.
fred.crawley@vrlfinancialnews.com
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