Nordea and ALD Automotive to Co-operate in the Baltics

Nordea Finance and ALD Automotive are cooperating to provide fleet management services to customers in the Baltic region. The current fleet management operations of Nordea Finance will be transferred to ALD Automotive. With this deal local Nordea Finance companies will become minority shareholders in the local ALD Automotive Companies.

“We see an increasing demand for fleet management services in general and full service company car leasing in particular from both International and local companies operating in the region. By teaming up with ALD, we can meet that demand much faster than if we were to do it all by ourselves”, says Kaupo Luhaäär, Head of Baltic operations in Nordea Finance.

“In the Nordic countries we established joint ventures with ALD Automotive in January 2006. The feedback from our customers here have been very positive and we are now looking forward to see that our Baltic customers are just as satisfied”, concludes Luhaäär.

According to Nordea Finance’s forecasts there will be around 17 thousand cars in the Baltic fleet management market by the end of this year. And the expected yearly growth of the market is between 15-20% for the coming years. “Our objective is to take a considerable share of this market”, adds Kaupo Luhaäär.

“This is a continuation of our overall strategy to enter strong strategic partnerships with strong local partners creating win-win-win situations especially for joint customers”, says Tim T. Albertsen, Senior Vice President, ALD International.

We have already seen very positive developments from our cooperation with Nordea in the Nordic countries, and with this initiative cooperate customers in the Nordic countries will be able to get an even stronger service offering combining the best of two worlds”, concludes Tim T. Albertsen.

Nordea Finance will continue the set up of offering all its finance products and services through car dealers to both private individuals and companies.
 
For further information:
Māris Skujiņš, Head of Nordea Finance Latvia, tel. +371 7 096 480, mob. +371 29 505 505, maris.skujins@nordea.com

Nordea Finance
The Nordea Finance Companies belong to the Nordea Group and provide a comprehensive range of finance services in the Nordic countries, in the Baltic countries and in Poland. The finance companies are specialized in leasing, hire purchase and factoring. Value-added services supporting the customers’ sales and management services complement the financing alternatives available. www.nordea.com

ALD Automotive
ALD Automotive is the operational leasing and fleet management business line of the Société Générale Group. ALD Automotive is one of the largest providers in Europe and a company of reference on its market:
- Operates now in 34 countries,
- Employs 3,200 persons,
- Manages over 626,900 vehicles (June 2006)
Combining professionalism and quality of services provides companies with value-added integrated solutions at both national and international levels. www.aldautomotive.com