5th May 2006 08:34
National Australia Bank Ld05 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 itsCustom Fleet business to GE Commercial Finance, the business-to-businessfinancial services unit of General Electric Company. Subject to adjustments related to the sale the agreed price is $550 million toacquire net assets of $230 million. Custom Fleet is a global fleet management and leasing business with operationsin Australia, New Zealand and the United Kingdom. "While Custom Fleet has been a profitable part of the National Australia Groupsince 1984, it is not part of our core business," said National Australia BankGroup Chief Executive Officer, John Stewart. "GE's expertise and activities in fleet finance and management make it an idealhome for Custom Fleet, allowing NAB to concentrate on our core capabilitieswhere 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 changeoccurring 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 Kim Lovely 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 ExchangeRelated Shares:
GEC.L