Cuatrecasas advised Banco Sabadell on selling Bansabadell Renting for €59 million to ALD Automotive, a company owned by Société Générale, and on forming a long-term strategic alliance with ALD Automotive to supply leased vehicles.

The transaction will have a positive impact on the bank’s capital ratio, contributing 10 basis points to the fully loaded Common Equity Tier 1 (CET1) ratio. The strategic alliance with ALD will also allow Bansabadell Renting to scale up, increase efficiency and make a qualitative leap in client service, combining the bank’s broad geographical coverage with ALD’s experience as market leader. The sale, subject to obtaining the necessary authorizations, is expected to be closed in the last quarter of 2021.

The Cuatrecasas team handling this transaction included lawyers from the Corporate and Commercial Practice Víctor XercavinsIsabel GandoyJavier AlósWen Wen Chang and Fernando Mínguez, with the strong support of the Competition and EU Law, Tax, and Labor and Employment Practices.