UK bank Lloyds Banking Group announced the acquisition of EV-focused vehicle management and leasing company Tusker for approximately £300 million, in a move aimed at supporting Lloyds’ net zero goals and expanding its vehicle leasing business.

Tusker launched the UK’s first car benefit scheme in 2008, and provides companies with “salary sacrifice” schemes, enabling employees to attribute a fixed amount of salary each month before income taxes in exchange for a new car, insurance and roadside assistance services. The company focuses on Electric Vehicles (EV) and Ultra-Low Emission Vehicles (ULEV), and serves customers ranging from SMEs to large public companies.

Tusker, a member of EV100, has committed to have its full fleet electrified by 2030. 60% of the company’s fleet of over 23,000 vehicles are EVs, with future orders set to increase this to 77%.

In a statement announcing the acquisition, Lloyds said that the acquisition “will support the Group’s ambition to help Britain build a more sustainable society and achieve its net zero emission targets by 2050 or sooner.” Lloyds is a founding member of the Net Zero Banking Alliance (NZBA), and has committed to achieve net zero across its financing activities by 2050, as well as to work with customers to reduce its financed emissions by more than 50% by 2030.

The acquisition will also add to Lloyds leasing portfolio, sitting alongside its auto leasing and financing business Lex Autolease.

Nick Williams, Managing Director Transport, Lloyds Banking Group, said:

“As part of our 2022 strategy, we outlined our ambitions to grow our participation in vehicle leasing and the acquisition of Tusker is a key part of delivering on this with a net-zero focus, at a time when the transition to sustainable methods of transport is a high priority for both our business clients and retail customers.”

Paul Gilshan, CEO of Tusker, added:

“Lloyds Banking Group are the obvious choice to take Tusker to the next phase of our growth and I am delighted that we are joining the Lloyds family. Not only do we have aligned strategic goals on our commitment to net zero and excellent service, but with their strong financial support we can grow our electric fleet faster by offering exceptional value to our customers, drivers and partners.”

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