Poland's Getin says to pay more for 2 VB-Leasing units

WARSAW Fri Sep 5, 2014 12:02pm EDT

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WARSAW Sep 5 (Reuters) - Getin Holding said on Friday it will pay VB-Leasing International (VBLI) 225.5 million zlotys ($70 million) for two units in Poland and Romania, more than it had previously estimated.

Getin will pay VBLI, a joint venture of Austria's Volksbanken AG and Germany's DZ Bank, 173 million zlotys for a Polish unit VBL PL and 55 million Romanian leu ($16.2 million) for VBL RO.

Earlier this year Getin, a financial group owned by Poland's third richest man Leszek Czarnecki, estimated it would pay 163 million zlotys for both companies, including 111 million zlotys for the Polish one.

Asked for comment, a Getin spokesman said that the company would reveal further details of the transaction "soon".

VBLI owns eight subsidiaries in the Czech Republic, Slovenia, Croatia, Poland, Romania, Serbia, Slovakia and Bosnia-Herzegovina.

Volksbanken had to sell its 50 percent stake in the vehicle and machinery leasing company by the end of the year under terms of a bailout agreement approved by the European Commission.

VB Leasing Poland, which made 25.8 million euros ($33 million) before tax last year, is one of the top ten players in the biggest post-communist European Union country and the single largest unit within VBLI.

VB Leasing Romania is one of the country's top-six leasing companies.

(1 US dollar = 3.2222 Polish zloty) (1 US dollar = 3.3945 Romanian leu) (1 US dollar = 0.7718 euro) (Reporting by Marcin Goclowski; Editing by Wiktor Szary and Michael Urquhart)

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