Hewlett-Packard has launched a new leasing and financial-services subsidiary. HP Financial Services is a wholly owned subsidiary of the $81.1 billion firm. It will do leasing, trade-ins, sales of refurbished equipment, and asset-management and -recovery services. The company hopes to differentiate itself with custom products and services.

Following its buyout of Compaq, HP has 1,500 workers in IT financing; revenue from this business represents 4% of its revenue. The plan is to create one-stop leasing and give a boost to sales. The company plans to include in the new unit one of five business segments that the company reports separately in its quarterly earnings statements.

One-time Compaq Financial Services CEO Irv Rothman heads the new unit, which is based in Murray Hill, N.J. The company says that service to customers of HP and Compaq won't change.