Rabobank is selling its car lease company Athlon to Daimler Financial Services for €1.1bn.
Athlon has been part of Rabobank’s De Lage Landen leasing arm since 2006. The company operates in 11 countries and has a fleet of some 250,000 cars.
Daimler is much bigger, with some 3.7 million vehicles and operations in more than 40 countries.
DLL will now focus on leasing and financing agricultural and food industry machinery, in line with the bank’s key businesses. Rabobank will use the proceeds of the sale to boost its capital buffers.