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NAB farewells Custom Fleet

NAB farewells Custom Fleet

(2 August 2006 – Australia) National Australia Bank has completed the sale of its Custom Fleet to GE Commercial Finance for A$550 million. The bank said the sale was completed on terms and conditions consistent with the original sale announcement in May.

The Custom Fleet business operates in Australia, New Zealand and the UK, and has net assets of A$230 million.

At the time the deal was announced NAB Group chief executive officer John Stewart said Custom Fleet was profitable but not part of the bank’s core business.

"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 described the deal as a "good fit" for his business.
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