Raiffeisen Leasing takes over part of ING Lease Romania portfolio

ING Lease Romania said on Tuesday it sold part of its leasing portfolio with over EUR 30 mln in assets to Raiffeisen Leasing, in a bid to restructure its domestic business, for an undisclosed sum.

Around 50 percent of the acquired portfolio comprises financing in the car segment, while equipments and real estate assets account for 31.6 percent and 18.7 percent, respectively.

Under the terms of the deal, which is pending approval from the Competition Council, Raiffeisen Leasing took over 60 medium and large corporate clients and will integrate the employees of ING Lease.

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“The agreement with Raiffeisen Leasing represents a natural step in the implementation of the restructuring strategy of the activities of ING Lease in Romania. We will transfer a large share of the active clients, ensuring them with a partner for future collaborations for leasing services,” said Maria Cenusa, general director of ING Lease Romania.

Romania was among the EU countries where Dutch ING Lease Holding rolled out a restructuring program starting September 2012.

Felix Daniluc, executive director of Raiffeisen Leasing, commented the type of assets and clients in ING’s portfolio weighted most in the purchase decision. Its portfolio is dominated by car leasing, which accounts for 67 percent of the business, with the rest allotted to equipments.

Law firm Schoenherr advised Raiffeisen on the acquisition.

Raiffeisen Leasing reported a 10 percent hike in fresh financing to EUR 35 million in the first semester of 2013, while its profits amounted to EUR 1.4 million.

Ovidiu Posirca