Wheels Partner Buys ABB Export Bank Portfolio
Auto-Interleasing AG, a Swiss lessor, purchased the car-leasing portfolio of ABB Export Bank for US$18.5 million on March 26, 2003. Auto-Interleasing AG is a member of Interleasing, an international partnership of fleet management and leasing companies, which includes Wheels, Inc. as its U.S. partner. ABB Export Bank was part of the structured finance business area of ABB’s former financial services division. ABB sold most of it in 2002 to GE Commercial Finance for US $2.3 billion. Auto-Interleasing AG is the oldest and largest privately held and independent service provider for vehicle leasing in Switzerland.