Super Group Fleet Solutions expands into East Africa with Co-op Bank joint venture

Super Group Fleet Solutions has partnered with the Co-operative Bank of Kenya in a joint venture that confirms their commitment to growing their presence in the East African fleet leasing market.

The strategic partnership aims to grow a modern leasing business targeting market leadership, securing long-term partnerships and joint ventures to sustainably support growth, building on world-class competencies in the supply chain, fleet management and dealerships, and providing customers with innovative leasing solutions.

“Super Group Limited is an established global leader in leasing business operating in three continents and is listed on the Johannesburg and Sydney stock exchanges. This partnership between Co-op Bank and Super Group continues to deliver mutual benefits as it taps the synergies created by the joint venture,” said Co-operative Bank Group Managing Director & CEO Dr. Gideon Muriuki.

Co-op Bank Fleet enables the bank to better support customers to acquire the assets, technologies and equipment they require at the same time enable the bank diversify its income streams,” added Dr. Muriuki.

“Co-op Bank Fleet’’ already got off to a roaring start by concluding its first leasing deal worth over Sh890 million in January of this year. This maiden transaction, which is part of a larger Sh2.2 billion deal, entails the financing and delivery of a fleet of 125 vehicles to the Ministry of Interior. The Co-operative Bank was the financier, with Co-op Bank Fleet arranging the leasing in collaboration with motor vehicle dealers Isuzu East Africa Limited who are to deliver the fleet made up of trucks, pickups and buses.

Experts say the availability of leasing implies that it does not make commercial sense any longer to buy assets to own, whereas you can hire to use them as and when you need them. And as the world progressively moves to Uber-style economic models that are asset-light, fleet leasing can only grow.