News & press releases

Arval, the BNP Paribas Company specialised 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 – country of 10 million inhabitants and a fleet of nearly 3 million light vehicles in circulation - to further its expansion in Central Europe (Arval is already present in Poland, the Czech Republic and Slovakia), where Operational Leasing activity is quite strong. In addition, the new tax measures concerning VAT deductibility, in force since 1st 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.

BNP Paribas, present in Hungary since 1991, is active in the fields of Corporate and Investment Banking (Energy Commodities Export and Project, Fixed Income, Structured Finance, Corporate Finance, Cash Management) and Private Banking. BNP Paribas’ activities also include subsidiaries such as BNP Paribas Lease Group (Equipment Solutions), CETELEM and UCB (Personal Finance) and CARDIF (Insurance). BNP Paribas is ranked as one of the leading foreign investment banks in the country where it has been distinguished by Euromoney's "Best Debt House in Hungary" award in 2004, 2006 and 2007.

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