Arval PHH, BNP Paribas' car rental services subsidiary, has signed an agreement for the acquisition of 100 percent of Arma, a company which provides long-term car fleet leasing services, with its main activity in the Netherlands. Arma manages 290 million Euros in assets and operates a combined fleet of 20,000 vehicles in the Netherlands, Belgium, and the United Kingdom. Arma's largest market is the Netherlands where it has a fleet of 15,400 vehicles, making it the seventh largest long-term car leasing company with a market share of about 3 percent. The new entity — which will emerge out of the combination between Arval PHH Holland, Arval PHH's subsidiary founded in 1999, and Arma Netherlands — will manage approximately 19,000 vehicles in the Netherlands and become the country's sixth largest car leasing services group. In Belgium, the new entity will manage 17,000 vehicles and rank as the country's fourth largest in the local market. This acquisition confirms BNP Paribas' leading role in specialized financial services in Europe and helps Arval PHH consolidate its international network by bolstering its position in the Dutch market, Europe's fourth largest for long-term fleet leasing services.