Car lease firm to launch internet bank

Leaseplan, the car lease company which has a banking licence and successfully applied for Dutch government support last year, is to start an online savings bank, the Financieele Dagblad reports on Monday.

Savings money will form an additional source of income for the company, which has been hit by private investor reluctance, the paper says. The state is now guaranteeing loans of up to €6.1bn.
The company has had a banking licence since 2003 and is currently in talks on setting up the internet bank with the central bank, the paper says.
‘The credit crisis has made us aware of the need to diversify our sources of finance,’ financial director Guus Stoelinga told the paper. ‘We are not in this to function on government support. We have to get rid of the guarantee at some point.’
Leaseplan, headquartered in the Netherlands, is 50% owned by Volkswagen.

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