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Bankia joins forces with Alphabet to enter the retail and corporate vehicle leasing segment

07 May 2018

Category: Business

From left to right: Manuel Morgado, director of operations of Alphabet; Gonzalo Alcubilla, deputy general manager of Bankia's Business Banking division; Rocío Carrascosa, CEO of Alphabet; y Fernando Sobrini, deputy general manager of Bankia's Retail

  • This 10-year alliance will enable the bank to open up a new and high-potential business line
  • As part of this offer, customers will be entitled to return their vehicles if, one month after they start to use them, they are not satisfied with their choice
  • The product will be marketed through Bankia's branches and its business and corporate banking offices, as well as online

Bankia and Alphabet have reached an agreement under which the financial institution will enter the retail and corporate segments of the vehicle leasing market.

This 10-year alliance will enable the bank to open up a new business line which presents significant growth potential in the years to come.

Having put the choice of strategic partner out to tender, Bankia deemed Alphabet the best option on account of the quality of service it offers its customers, its unique and differentiated product offering, its ability to lend the Bankia network support in the form of product specialists and the scope for rapid integration of the required technology. The bank was advised by Montalbán Atlas Capital on this process.

The new product, which will be available from Tuesday, 8 May, will be marketed through Bankia's branches, through the entities' business and corporate banking offices and via the bank's online channels.

The deputy general manager of Bankia's Retail Banking division, Fernando Sobrini, said that this new business will allow Bankia's customers "access a vehicle leasing service on very compelling terms, tailored to their needs". "Day after day a growing number of retail customers are looking for this product. We have responded with the launch of Bankia Leasing", said Sobrini.

Meanwhile, the deputy general manager of Bankia's Business Banking division, Gonzalo Alcubilla, said that the sector "is ripe for development, buoyed by the improvement in the economic environment". He underlined "the importance of being able to enter this business by the side of a strategic partner of the calibre of Alphabet".

Rocío Carrascosa, CEO of Alphabet, said that "this agreement with Bankia represents a unique opportunity; together we will be able to provide all of Bankia's customers with a compelling value-added solution. We see a tremendous opportunity in the possibility of marketing our services through Bankia's extensive and professional network and - of particular importance to us - the chance to join forces with one of the most well-known brands in the Spanish banking landscape".

All-in package and returns if customers are not satisfied

The Bankia and Alphabet arrangement will allow customers to pay a single monthly fee, as all vehicle maintenance expenses other than fuel are included in the end price.

Nor will customers purchasing this product have to pay anything upfront by way of down payment.

The package will cover tax payments, unlimited tyre changes, fully comprehensive insurance with no annual price changes or deductibles, a replacement car service, maintenance and repairs, a fine management service, roadside assistance and a 24-hour driver service.

As a unique feature of the initial offer, Bankia Leasing will entitle customers to return their vehicles at no cost whatsoever one month after taking possession of them if they believe they have not made the right choice.

Users can arrange a lease for anywhere between 24 and 60 months, choosing the number of kilometres they expect to travel annually.

Turnover in the vehicle leasing sector in Spain topped €4.9 billion in 2017, marking year-on-year growth of 12.5%.

As a result, the total leased vehicle fleet surpassed 550,000, while the number of lessors in Spain (companies and individuals) rose by 34% to 102,000*.

* Source AER, Spain's leasing association

Alphabet

Alphabet is a leading provider of mobility. Founded in 1997 as a division of BMW Group, Alphabet has extensive knowledge of fleet management and leasing. Today, Alphabet Spain manages a portfolio of over 53,000 leased cars and light commercial vehicles and is ranking fourth in the market. Thanks to its experience and technology, it also pioneers the creation of advanced mobility solutions: AlphaElectric offers companies a holistic approach to e-mobility, AlphaCity is an efficient corporate car-sharing option, while the mobility app for smartphones, AlphaGuide, makes life easier for its users. For more information, please visit http://www.alphabet.es/

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