Aviva subsidiary Lex Vehicle Leasing to manage HSBC fleet

Article date: 19 September 2005

Aviva plc (“Aviva”) announces that its subsidiaryLex Vehicle Leasing Limited (“Lex”), the UK’sleading contract hire company, has signed an agreement to managethe vehicle leasing and fleet operations of HSBC Vehicle Finance(UK) Limited, a wholly owned subsidiary of HSBC Bank plc.

This transaction remains subject to regulatory approval.

Under the agreement, which will be effective from 1 November2005, HSBC’s £440 million vehicle fleet will transfer to Lex.HSBC will continue to own and manage customer relationships, whileLex will provide the supporting customer service and vehiclemanagement. Around 200 customer service roles will transfer to Lexas part of the agreement.

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Notes to editors:

  • Aviva is the world’s sixth-largest insurance group basedon gross world-widepremiums and market capitalisation (at 31December 2004); it is one of the leading providers of life andpensions in Europe and has substantial businesses in other marketsaround the world.
  • Aviva’s main activities are long-term savings, fundmanagement and general insurance, with world-wide total income of£40 billion and assets under management of £280 billion at 31December 2004.
  • The Aviva media centre at www.aviva.com/media includes images,company and product information and a news release archive.

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