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Report: BBVA to sell car leasing unit to SocGen's ALD

Banco Bilbao Vizcaya Argentaria SA will sell its car leasing unit, BBVA Autorenting, to Société Générale SA's ALD Automotive, Spanish daily Expansión reported May 29.

The deal will close in the third quarter of 2017. BBVA Autorenting had net profit of €12.3 million in 2016 and is the seventh-largest car leasing firm on the Spanish market with a float of 25,000 vehicles, the paper said.

ALD, which SocGen plans to list on the Paris market, has been seeking to grow by increasing its partnerships and acquisitions.