Brussels approves Santander Consumer Leasing and Ethias electric vehicle rental company
The European Commission has approved this Friday the creation of a joint venture between Santander Consumer Leasing, based in the Netherlands, and Ethias, based in Belgium, which will bear the name of Ethias Lease and will offer electric vehicle rental services.
Brussels has concluded that the proposed concentration does not raise competition concerns given its "very limited" impact on the market structure. The operation has been examined under the simplified merger control procedure.
This new joint venture will be dedicated to the development and electric mobility for small and medium-sized companies and the public sector in Belgium.
Ethias explained in a press release in June its intention to offer lease contracts for electric vehicles of up to six years and reach a fleet of 8,000 vehicles by the end of 2027 and 6,000 charging points.
The launch of the company is part of a tax reform launched in Belgium since July 1 that contemplates the gradual end, until 2028, of tax deductions for the purchase of combustion vehicles, while electric ones will be until that time. 100% deductible year
Santander Consumer Leasing operates in the car leasing sector and is part of Grupo Santander, a financial services group based in Spain, while Ethias is an insurer offering a range of insurance products, active mainly in Belgium.