AIB acquires 50pc stake in Autolease Fleet Management

AIB is acquiring a 50 per cent stake in Autolease Fleet Management, making an initial investment of around €6 million to provide electric and hybrid vehicle leasing options to businesses and personal customers.

The bank says it will make further investments over time to support the growth of the Autolease Fleet Management, which trades as NiftiBusiness and Nifti Personal Leasing.

AIB’s investment is subject to approval by the Competition and Consumer Protection Commission (CCPC).

Irish-owned NiftiBusiness and Nifti Personal Leasing says it now has the capacity to grow and to meet demand for electric and hybrid vehicle fleets from businesses of all sizes.

The company predicts at least 60 per cent of its overall fleet will be made up of hybrid or fully electric vehicles by 2030.

AIB managing director of retail banking Jim O’Keeffe said: “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.

“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.”

Catherine Guy, chief executive of NiftiBusiness and Nifti Personal Leasing said the company has “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”.