National Australia Bank Ld
05 May 2006
Melbourne, Friday 5 May 2006
NAB sells global fleet services business
National Australia Bank Limited (NAB) today announced it has agreed to sell its
Custom Fleet business to GE Commercial Finance, the business-to-business
financial services unit of General Electric Company.
Subject to adjustments related to the sale the agreed price is $550 million to
acquire net assets of $230 million.
Custom Fleet is a global fleet management and leasing business with operations
in Australia, New Zealand and the United Kingdom.
'While Custom Fleet has been a profitable part of the National Australia Group
since 1984, it is not part of our core business,' said National Australia Bank
Group Chief Executive Officer, John Stewart.
'GE's expertise and activities in fleet finance and management make it an ideal
home for Custom Fleet, allowing NAB to concentrate on our core capabilities
where we can create sustainable growth in shareholder value,' he said.
Steve Sargent, Chief Executive Officer, GE, Australia and New Zealand said: '
Custom Fleet is a good business and a good fit for GE Commercial Finance.'
The sale is subject to regulatory approvals and to no material adverse change
occurring within the business prior to completion.
For further information:
Brandon Phillips Hany Messieh
Group Manager, External Relations Head of Investor Relations
T 03 8641 3857 T 03 8641 2312
M 0419 369 058 M 0414 446 876
External Relations Manager
T 03 8641 4982
M 0406 035 243
This information is provided by RNS
The company news service from the London Stock Exchange