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CitiCapital Fleet Withdraws from UK Contract Hire Market

December 16, 2002

CitiCapital Fleet announced on Dec. 2, 2002, that it intended to withdraw from the contract hire (fleet) business in the United Kingdom and will meet the European fleet needs of its clients through existing and future alliances.

The decision will not impact financing that client companies in the UK previously obtained through this business and all outstanding lease obligations will continue to be serviced by CitiCapital Europe and through local alliances. CitiCapital said it is not selling its UK portfolio.

In a subsequent announcement to its clients, CitiCapital said is fully committed to its fleet management business in the U.S.

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