HP unveils IT leasing subsidiary

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HP unveils IT leasing subsidiary

Hewlett-Packard has unveiled a financial services and IT leasing subsidiary to enhance its sales efforts worldwide by delivering a broad range of financial services and asset management capabilities.

HP Financial Services, a wholly owned subsidiary, would help customers with the cost-effective management of accessing, managing and retiring IT assets including hardware, software and services.

The subsidiary represents 4% of HP's total revenue, with leased transactions accounting for 10% of total HP sales.

HP's merger with Compaq Computer earlier this year created a global team of 1,500 IT financing professionals managing nearly $10bn in assets in more than 50 countries.

"We are confident our subsidiary will help fuel company growth and increase shareowner value," said Peter Blackmore, executive vice-president of HP Enterprise Systems Group.

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