Absa Bank Merges With LeasePlan South Africa
Absa Bank's acquisition of LeasePlan South Africa received the green light after the deal was approved by the Competition Tribunal, according to Business Day, a South African publication. This approval allows Absa to merge its own fleet management business with LeasePlan. The acquisition through Absa's vehicle and asset finance division will add about 425 million rands to the division's lease contract book and more than double the size of its fleet. Absa announced on February 2, 2004 that its vehicle and asset finance division had acquired the entire issued share capital of LeasePlan SA to create the largest bank-owned fleet management company in the country, according to Business Day.