Société Générale's ALD Automotive launches leasing activities in Algeria

[Al-khiyal]

PARIS (AFX) - Société Générale's operational vehicle leasing arm, ALD Automotive, said it launched a new operation in Algeria to extend its coverage of the Mediterranean Basin.

According to a press release, ALD Automotive Algeria began operating at the start of March and will work in close collaboration with Société Générale's existing retail banking branches in the country.

Société Générale's ALD Automotive launches leasing activities in Algeria

[Al-khiyal]

ALGERS, ALGERIA – ALD Automotive Algeria has been operational in the North African country since March 7, and is the 36th subsidiary of the ALD Automotive group, according to Fleet Europe magazine. Sales of new vehicles in Algeria reached 148,235 units in 2006, a similar figure to 2005 following two years of strong increases. The company car market is estimated to stand at around the 15,000 vehicle mark, and these vehicles are largely acquired via outright purchase or on credit or lease-credit.

The Algerian branch is under the leadership of Gilles Colboc, who has been with ALD since 1993, and will be able to call on the support of mother company Société Générale, which has 22 agencies in the country.

ALD opens new subsidiary in Algeria