A report in the national press which stated that Lloyds TSB is
to sell its fleet division, Lloyds TSB Autolease, has been
dismissed by industry sources.
Although a spokesperson for the Lloyds TSB press office said
that it was the bank’s policy never to respond to “market rumour
and speculation”, he added that, as Autolease is a “market-leading,
profitable business” the bank is under “no pressure to sell” the
fleet unit.
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“[Autolease] is well-managed and market-leading in its offer. Of
course, just like any other organisation we review our various
businesses on an ongoing basis; however, as our chief executive
said at yesterday’s interim results presentation, we like
market-leading, profitable businesses,” the spokesperson added.
Another source within the bank said that the sale reports were
“unfounded” and confirmed that Autolease is not for sale.
In Lloyds TSB’s interim results for the half-year to June 30
2008, it was announced that pre-tax profits at the Asset Finance
division, within which Autolease sits, were up by 52 per cent,
compared with the same period in 2007, to £35m (half-year to June
30 2007: £23m).
The bank’s interim report stated: “Our contract hire business,
Autolease, has performed well by continuing to leverage its strong
market position and efficient operation.”
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By GlobalDataMotor Finance Issue: 45 – July 08
Published for the web: July 31 08 17:44
