Arval, the BNP Paribas Company specialising in the operational leasing of multibrand corporate vehicles, present in Hungary since 2004, has signed an agreement for the takeover of X-Rent, the sixth largest actor in the Hungarian operational leasing market.
This agreement will enable the new entity in Hungary, a country of 10 million inhabitants and a fleet of nearly 3 million light vehicles in circulation, to further its expansion in Central Europe, where Operational Leasing activity is quite strong.
In addition, the new tax measures concerning VAT deductibility, in force since 1 January 2008, are of a nature to foster growth in this sector.
As a result of the acquisition of X-Rent, Arval will become the 3rd largest Hungarian operational leasing operator, with a market share approaching 13%, hence placing it in a position to take full advantage of future potential
Kalman TEKSE, currently the managing director of Arval Hungary, will be at the helm of this new entity.