Commonwealth Bank has converted a decade-long strategic alliance with leasing operator equigroup into a 50 per cent shareholding, although no consideration changed hands.Matt Ingram, chief executive officer at equigroup, said the bank previously had a zero equity stake, with the strategic alliance providing Commonwealth access to 50 per cent of the profits coming out of the business."Because of the arrangements under the strategic alliance there was always the ability for that to convert into an equity holding, so they (Commonwealth) would end up with 50 per cent of the shares."They are transferring their rights under the strategic alliance into a shareholding; there is no cash."Commonwealth had been represented on the equigroup board since the strategic alliance inception in 1998, with Ingram adding the clause had to be initiated by mutual agreement."The original alliance was evergreen and kept getting refreshed every five years or so. The ten years is coincidental, it's not like it was a trigger point."The three original founders and individuals hold the remaining 50 per cent."equigroup was re-launched from ComputerFleet in 2007 in an attempt to improve image and brand identity.Of concern is the ComputerFleet and controlled entities' 38 per cent drop in net profit after tax to $2.9 million for financial year 2007, according to documents lodged at ASIC.Consolidated total revenue from operating activities fell a third to $11.2 million for the period, with sales revenue $11 million, down from $15.4 million.equigroup products are offered exclusively through Commonwealth Bank channels financing business equipment in Australia, New Zealand, Asia and Europe.