The Commerce Commission has approved a clearance application from Custom

Fleet (NZ) Limited to acquire the shares of Hertz Fleetlease Limited

from Ford Motor Credit Company.

Custom Fleet is a wholly-owned subsidiary of Bank of New Zealand and

provides fleet leasing and a small level of fleet management services.

Hertz Fleetlease offers both fleet leasing and fleet management services

in Australia and New Zealand. It also operates a small office equipment

leasing business in New Zealand.

Chair John Belgrave said the Commission is satisfied that the proposed

acquisition would not have, nor would be likely to have, the effect of

substantially lessening competition in the fleet leasing and fleet

management markets.

The Commission's written decision on the application will be available

soon on the Commission's website, www.comcom.govt.nz/adjudication.

Media contact: Richard Braae, Manager, Market Structure Group

Phone work (04) 924 3650

Jackie Maitland, Communications Manager

Phone work (04) 924 3708, mobile 029 924 3708