Volkswagen Bank GmbH takes over LeasePlan stake from Volkswagen Financial Services AG

Today the board of Volkswagen Bank GmbH and Volkswagen Financial Services AG have decided to transfer the stake of Volkswagen Financial Services AG in LeasePlan Corporation N.V. amounting to 50 per cent, which is held indirectly via an interim holding company founded on 4. November, Global Mobility Holding B.V., to Volkswagen Bank GmbH. The LeasePlan Group has its main business focus on fleet management. The group is market leader in Europe and number 4 in the world in this business segment with a consolidated balance sheet total of 11.3 billion € as of 30 June, 2004. The LeasePlan Group also has an insurance company in Ireland. The take-over from Volkswagen Financial Services AG still requires the approval of the supervisory authorities of the Netherlands, Sweden, Ireland and Brazil.

LeasePlan Corporation N.V. has a full banking license in the Netherlands. Thus both LeasePlan Corporation N.V. as well as Volkswagen Bank GmbH are subject to banking supervision. By way of the indirect take-over of the LeasePlan stake, all stakes in companies which are subject to banking supervision will be pooled under Volkswagen Bank GmbH. A considerable strategic strengthening of Volkswagen Bank GmbH within the Volkswagen Group and thus a stronger economical independence from Volkswagen AG is intended by means of the successive financial decoupling from Volkswagen AG, an increase of Volkswagen Bank’s equity amounting to 1 billion € and additional earnings from fleet management.