The German car manufacturer group BMW will acquire ING Car Lease, a leasing unit of the Dutch bank ING Group for about 700 million Euros.
Increasing sales comes with expenses in the automotive industry, as BMW wants to sell more cars thru the leasing company, with a net transaction of 335 million Euros and a capital release of about 530 million.
According to financial analysts, the transaction will have a positive impact on ING Group. “Going forward ING will continue to build its leadership position as a predominantly European Bank with a strong international network focused on providing its customers consistent high-quality services”, said ING Group CEO, Jan Hommen.
ING Car Lease started its operations in 1977, becoming a part of ING Group in 1985, with operations of 240.000 vehicles and a total workforce of around 1200 employees.