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GE purchases Custom Fleet for $550mGeneral Electric Company (GE) says it has finalised its $550 million acquisition of vehicle leasing business Custom Fleet from National Australia Bank (NAB).
GE's commercial finance arm said Custom Fleet would operate under its current name for the time being but would eventually merge with GE Fleet Services in Australia and New Zealand to form a single business.
"Custom Fleet has outstanding fleet management credentials across the corporate, government and small business sectors and GE is pleased to be able to enhance these operations through its own suite of financing and fleet management products," GE Australia and New Zealand chief executive Steve Sargent said.
Keith Cormican, Custom Fleet's former Australian manager, will head up the business's new operations in Australia and New Zealand.
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