July 2 (SeeNews) - Romania’s Banca Transilvania Group (BT Group) [BSE:TLV] said on it Monday that it has completed the sale of its operational leasing business to local company Autonom for an undisclosed sum.
With this deal the group exited a minor niche of its activity, launching together with Autonom a partnership that offers the bank customers access to an extensive package of mobility services such as operational leasing, fleet management, roadside assistance, car rental and car rental with driver, BT Group said in a statement filed with the Bucharest Stock Exchange, BVB.
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The sale of BT Operational Leasing was announced in early May.
Following the deal, Autonom will have 500 employees, around 5,000 corporate clients and a fleet of over 8,000 vehicles.
"BT Operational Leasing has become one of the main players in the local leasing and operational fleet management market. We are convinced that business will grow even better due to Autonom's competencies," Banca Transilvania general manager, Omer Tetik, said in May.
Autonom was established in 2006 and is active on the car rental market operating 45 agencies in 35 cities in Romania, Hungary and Serbia. The turnover of the Autonom Group was 27 million euro ($32.3 million) in 2017.
BT Operational Leasing was founded in 2001 and became part of the BT Group in 2006, after BT Investments acquired 51% of the company's share capital. In 2012 and 2013, BT Group increased its participation in BT Operational Leasing to 95%. The company has seen a sevenfold increase in the fleet over the past six years, reaching over 3,000 managed cars and a turnover in excess of 15 million euro.
BT's shares traded flat at 2.4 lei as at 1604 CET on Monday on the Bucharest Stock Exchange.
($=0.8591 euro)
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