Aviva plc announces that its subsidiary Lex Vehicle Leasing Limited, the UK’s leading contract hire company, has signed an agreement to manage the vehicle leasing and fleet operations of HSBC Vehicle Finance (UK) Limited, a wholly owned subsidiary of HSBC Bank plc.
Aviva plc (“Aviva”) announces that its subsidiary Lex Vehicle Leasing Limited (“Lex”), the UK’s leading contract hire company, has signed an agreement to manage the vehicle leasing and fleet operations of HSBC Vehicle Finance (UK) Limited, a wholly owned subsidiary of HSBC Bank plc.
This transaction remains subject to regulatory approval.
Under the agreement, which will be effective from 1 November 2005, HSBC’s £440 million vehicle fleet will transfer to Lex. HSBC will continue to own and manage customer relationships, while Lex will provide the supporting customer service and vehicle management. Around 200 customer service roles will transfer to Lex as part of the agreement.
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Notes to editors:
- Aviva is the world’s sixth-largest insurance group based on gross world-wide premiums and market capitalisation (at 31 December 2004); it is one of the leading providers of life and pensions in Europe and has substantial businesses in other markets around the world.
- Aviva’s main activities are long-term savings, fund management and general insurance, with world-wide total income of £40 billion and assets under management of £280 billion at 31 December 2004.
- The Aviva media centre at www.aviva.com/media includes images, company and product information and a news release archive.