The leasing company said in a statement that changing the name and brand under which Idea Leasing IFN S.A. will operate on the Romanian leasing market is a natural step in implementing Getin Holding’s strategy on the local market.
Getin Holding bought VB Leasing Romania IFN and VB Leasing Poland from Austria’s VB-Leasing International Holding for EUR38.9 million. Getin paid around EUR12.4 million for the Romanian company. The transaction was finalized in September 2014.
Getin Holding, founded by businessman by Leszek Czarnecki, is one of the largest companies listed on the Warsaw Stock Exchange. Czarnecki holds 55.8% of Getin Holding shares. Getin Holding entered the Romanian market at the end of 2013, when it bought lender Romanian International Bank (RIB). Following the transaction, RIB purchased the receivables stemming from the credit and leasing contracts of VB Leasing Romania, in order to strengthen its portfolio and market position.
VB Leasing Romania IFN is one of the largest players on the local leasing market and operates through seven branches. In 2014, the company had a turnover of EUR82.2 million, up 4.2% on the year.
In 2013, Volksbank group started the sale of Volksbank Leasing International, which also operates in Romania. The bank had to sell its operations in Central and Eastern Europe due to the conditions imposed by the European Commission for the financial aid received by Volksbank from the Austrian state in the context of the financial crisis.
Volksbank Romania, the local unit of Österreichische Volksbank en AG, is close to being acquired by Banca Transilvania, the third largest bank in Romania. The transaction is due to be completed in April-May 2015. Banca Transilvania announced in December 2014 that it had approved the acquisition of Volksbank Romania.