‘unfounded’
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.
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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 the fleet unit is a
“market-leading, profitable business” the bank is under “no
pressure to sell” Autolease, which is the second-largest fleet
management and leasing company in the UK, with a fleet of around
130,000 units.
“[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 [Lloyds TSB’s] interim results presentation, we like
market-leading, profitable businesses,” the spokesperson
added.
Another source within the bank confirmed that the sale reports were
“unfounded” and that Autolease is not for sale.
In Lloyds TSB’s 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.”
Jo Tacon
