The French banking group BNP PARIBAS and the American AVIS GROUP HOLDINGS INC, number two worldwide in car rental and leasing, have concluded an alliance in long-term business vehicle leasing in North America and Europe. On the old continent, BNP PARIBAS will pay USD 800 million for 80% of PHH VEHICLE MANAGEMENT SERVICES, an AVIS subsidiary and parent company of PHH EUROPE, while AVIS will keep the remaining 20%. The company will be merged subsequently with ARVAL, a specialised BNP PARIBAS...