AIB acquires 50% stake in Autolease Fleet Management as part of JV deal

AIB Group PLC acquired a 50% stake in Autolease Fleet Management Ltd., which trades as NiftiBusiness and Nifti Personal Leasing, as part of a joint venture agreement to provide car leasing services.

The Ireland-based lender is making an initial investment of around €6 million in the business. AIB said the move is in alignment with its plan to grow its green lending, including to customers who want to switch to electric and hybrid vehicles.

The partnership will enable NiftiBusiness and Nifti Personal Leasing to grow and meet the demand for electric and hybrid vehicle fleets from businesses, the Dec. 16 joint statement said. The Irish vehicle leasing and fleet maintenance servicer is aiming for not less than 60% of its overall fleet to become hybrid or fully electric by 2030.

The investment is subject to approval by the Competition and Consumer Protection Commission.