HP unveils new IT leasing subsidiary

Hewlett-Packard today unveiled a new financial services and IT leasing subsidiary, HP Financial Services.

The wholly owned subsidiary is designed to enhance HP's sales efforts worldwide by delivering a broad range of financial services and asset management capabilities, the company said in a statement.

HP said HP Financial Services will help customers cost-effectively access, manage and retire IT assets including hardware, software and services. The subsidiary represents 4 perceny of HP's total revenue, with leased transactions accounting for 10 perceny of total HP sales.

The company noted that its merger with Compaq Computer Corp. earlier this year created a global team of 1,500 IT financing professionals managing nearly US$10 billion in assets in more than 50 countries.

"We are confident our subsidiary will help fuel company growth and increase shareowner value," Peter Blackmore, executive vice president of HP Enterprise Systems Group, said in the statement. "The new HP is ready to execute for current and future customers, and HP Financial Services is ready to meet their financial asset management needs throughout the technology life cycle."

HP Financial Services is headed by former Compaq Financial Services president and CEO Irv Rothman and has headquarters in Murray Hill, N.J.

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