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Barclays snaps up Iveco Finance
Page 7
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BARCLAYS BANK is to pay f66.5in for a 51% controlling stake in Iveco Finance, the truck maker's vehicle financing and leasing business.The two firms will form a new company assuming the transaction is granted regulatory clearance.
Barclays says the deal will allow it to expand its CV expertise across Europe. As well as expanding Iveco Finance's current operation in the UK, Italy, France, Germany and Switzerland it will also develop new markets.Barclays' asset finance division specialises in factoring and invoice discounting, as well as customised finance programmes for manufacturers and dealers.
Market growth appeals to be the prime reason for Barclays' move;the European CV financing market is expected to grow at more than twice the rate of Europe's economy as a whole over the medium term.
Iveco CEO Paolo Monferino adds that it will allow business development by "drawing on the balance sheet strength and asset finance expertise of Barclays", but UK customers should notice little immediate difference.