NAB fleet business drives off to GE
(8 May 2006 – Australia) National Australia Bank has sold its Custom Fleet business to GE Commercial Finance for A$550 million.
The Custom Fleet business operates in Australia, New Zealand and the UK, and currently has net assets of A$230 million.
"While Custom Fleet has been a profitable part of the National Australia Group since 1984, it is not part of our core business," NAB Group chief executive officer John Stewart said.
"GE’s expertise and activities in fleet finance and management make it an ideal home for Custom Fleet, allowing NAB to concentrate on our core capabilities where we can create sustainable growth in shareholder value," he said.
GE Commercial chief executive officer Steve Sargent said Custom Fleet was a "good fit" for his business.
"While Custom Fleet has been a profitable part of the National Australia Group since 1984, it is not part of our core business," NAB Group chief executive officer John Stewart said.
"GE’s expertise and activities in fleet finance and management make it an ideal home for Custom Fleet, allowing NAB to concentrate on our core capabilities where we can create sustainable growth in shareholder value," he said.
GE Commercial chief executive officer Steve Sargent said Custom Fleet was a "good fit" for his business.
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