Citigroup and Morgan Stanley have won the advisory roles in a €2.13bn ($2.53bn) deal in which Volkswagen, the German car marker will buy LeasePlan, a Dutch car leasing business owned by ABN Amro. The bank will make €875m profit from the sale.

Volkswagen will take a 50% stake in the company with two co-investors: Mubadala Development Company, owned by the government of Abu Dhabi, and Olayan Group, a Saudi Arabian industrial conglomerate, each taking 25%.