GIROBANK has become the latest financial organisation to move into the car leasing market with its acquisition of Manchester-based Sovereign Finance for an undisclosed sum.

Sovereign Finance was previously a wholly-owned subsidiary of the Bank of Austria, Austria's largest financial institution, and in its four years in the fleet market has built up a fleet of 3,000 vehicles.

Girobank, a subsidiary of the Alliance and Leicester Building Society, is one of the UK's leading cash processing banks and operates across Post Office counters. As well as financing assets such as cars and commercial vehicles Sovereign Finance also funds computer and office equipment for a range of businesses and local authorities.