A division of the ANZ Bank has formed an alliance with Hewlett Packard in Australia to lease IT equipment and expand financing options for business customers.
ANZ Institutional said it is the first time a major domestic bank has partnered with a global leader in IT. In fact the joint branding alliance has never happened anywhere in the world.
Australian businesses leased approximately $2.5 billion worth of IT and office equipment in 2006, according to the Australian Equipment Lessors Association.
ANZ executive director of leasing and structured asset finance, Eddie Law said the alliance coupled ANZ's financing expertise with HP financial services' global knowledge in IT lifecycle management, and will enable ANZ to better service this substantial market.
"We can now offer our larger business customers an industry leading IT rental solution, as well as our traditional finance lease, hire purchase and chattel mortgage solutions," Law said.
He said many ANZ customers preferred to rent IT and office equipment rather than purchasing as IT rental mitigated the risk of equipment obsolescence and the high cost of managing large fleets of IT assets, particularly desktops and laptops.
"The alliance enables us to combine a technology solution with our financial solution and minimise the customer's total cost of ownership," Law said.
HP financial services' Asia-Pacific region vice president and managing director, Richard Bailey said the alliance was a win for customers.
"Australia boasts a strong, vibrant economy and we're delighted to join with ANZ to help businesses acquire leading-edge technology they need to compete and win in the global marketplace," Bailey said.
HP financial services is the second-largest captive IT leasing company in the world. The company has 1,300 employees worldwide and operates in more than 40 countries.
ANZ Institutional is a division of the ANZ bank in Australia and incorporates business banking, corporate banking, institutional banking, working capital and markets.