Leasing company Arval has finalised the acquisition GE Capital’s fleet service arm.

It will take on 930,000 leased fleet vehicles worldwide – including 45,700 vehicles in the UK, according to the 2015 BC50. This will make it the second largest leasing company in the UK.

Arval CEO, Philippe Bismut, said: “We look forward to sharing our expertise and service quality with all our clients serving them at our best”.

Arval previously announced in June it had signed a Memorandum of Understanding with GE Capital to acquire the fleet management arm by the end of the year.

The latest figures showed Arval in sixth place in the 2015 BC50 with a fleet size of 110,324, but the confirmation of the acquisition moves it up four places, leapfrogging Volkswagen Financial Services, ALD, Alphabet and Leaseplan.

This is the first acquisition Arval has been involved with since selling its Allstar fuel card business to Fleetcor for £194m at the end of 2011.

The biggest acquisition of recent times was in 2011 when Alphabet burst into the top three in the UK through the purchase of ING Car Lease for £637m, combining the companies then placed eight and nine in the top 10.