The Kuwait-based investment bank bought Hanco’s shares through its private equity fund NBK Capital Equity Partners Fund.

Hanco provides car rental services and leases out a range of other vehicles, including buses for Haj and Umra services, school transport and intercity travel.

The company has a fleet of 7,500 vehicles and recently expanded beyond the kingdom for the first time, opening a regional office in Bahrain.

With fuel and raw material costs rising, many contractors are turning to leasing as a means of managing their short-term costs.

NBK has also been seeking opportunities for expansion in the Gulf.