With this acquisition, Arval becomes number one in Europe in full service multi-brand vehicle leasing. The scope of this transaction includes more than 160,000 vehicles in 12 European countries, three quarters of which are located in France, Germany and the UK, with total vehicle assets amounting to around €2.4billion.

The transaction has now been finalised after having received approvals from the European Commission and all other relevant regulatory authorities. This deal is part of a global transaction in which Element Financial, Arval’s strategic partner in North America, has also finalised the acquisition of GE Capital Fleet Services’ businesses in the United States (closed at the end of August) and in Mexico, Australia and New Zealand (closed at the end of September). As a result, the Element-Arval Global Alliance now becomes a global leader with a fleet of more than 3 million vehicles in 47 countries.

Arval CEO Philippe Bismut said: “We are very happy to welcome colleagues and clients of European GE Capital fleet services. Our clients will now benefit from greater geographical coverage and we’ll be redoubling our efforts to ensure our service quality and provide them with expert advice. With the strength of BNP Paribas and the expertise of our local teams, Arval now becomes the number one full-service vehicle leasing specialist in Europe. In addition, by enhancing our cooperation with Element Financial, we’re creating a stronger, more efficient worldwide network.”

The deal will have a minor impact on the BNP Paribas Group’s Common Equity Tier 1 ratio. On a full year basis, this impact is more than offset by the disposals of the Group’s stake in Klépierre completed in June and November 2015.