AIB acquires 50% stake in Autolease Fleet Management

AIB is acquiring a 50 per cent stake in Autolease Fleet Management, making an initial investment of €6 million to help provide more sustainable car leasing options to businesses and personal customers.

The bank will provide further funding to support the strategic expansion of the business, which trades as NiftiBusiness and Nifti Personal Leasing. The venture will support businesses in switching to electric and hybrid fleets, and ties in with AIB’s strategy to grow its green lending.

Irish-owned NiftiBusiness and Nifti Personal Leasing will gain the capacity to grow and to meet demand for more sustainable fleets, and also offer lower emissions vehicles to personal customers.

The company is forecasting growth from both businesses and consumers in the area of sustainable transport over the next decade, with forecasts that at least 60 per cent of its overall fleet will be hybrid or fully electric vehicles by 2030.

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“AIB’s ambition is that green and transition lending will account for 70 per cent of our new lending by 2030 as we seek to support our customers in the transition to a lower carbon future,” said AIB’s managing director of retail banking Jim O’Keeffe. “This joint venture is happening at a time when the drive towards sustainability and the need to protect our environment is encouraging many businesses and people to re-evaluate their fleet management and private motoring needs and to demand sustainable and environmentally friendly solutions.”

Chief executive of NiftiBusiness and Nifti Personal Leasing Catherine Guy welcomed the partnership. "NiftiBusiness and Nifti Personal Leasing have developed the know-how and expertise to respond, and this new partnership with AIB strengthens our position, enabling us to cater for all customers, including personal drivers, small and medium enterprises and larger corporations, and to facilitate the transition to sustainable electric and hybrid vehicles," she said.

The deal must be approved by the Competition and Consumer Protection Commission.