SWINDON vehicle leasing giant Arval has bought GE Capital’s European fleet management arm bringing the company’s motoring assets to £1.7 billion.

The Swindon company employs more than 500 people in the town and this acquisition covers more than 160,000 vehicles in 12 European countries.

Combining the UK risk fleets of Arval (110,324) and GE Capital Fleet Service (42,047), moves Arval from fourth place in this year’s FN50 to second place with a risk fleet of 152,000.

The transaction was finalised after BNP Paribas-owned Arval received approvals from the European Commission and all other relevant regulatory bodies.

As a result, the Element-Arval Global Alliance now becomes a global leader with a fleet of more than three million vehicles in 47 countries.

Philippe Bismut, CEO of the Swindon company, said: “Our clients will now benefit from greater geographical coverage and we’ll be redoubling our efforts to ensure our service quality and provide them with expert advice.

“With the strength of BNP Paribas and the expertise of our local teams, Arval now becomes the number one full-service vehicle leasing specialist in Europe."

Arval is a member of the Swindon Chamber of Commerce and already one of the shining lights in the Swindon economy.

"In 2014, the company made it clear that Swindon has always been a good location due to a pool of employees with the right skills, particularly customer services and being such a positive place," said Ginette Gower, head of Communications for Swindon Chamber of Commerce.

"This acquisition gives the Arval, new strength and position in the market and that can only be good news for Swindon," she said.