VIENNA May 16 VB-Leasing International (VBLI),
a joint venture of Austria's Volksbanken AG and
Germany's DZ Bank, has agreed to sell units in Poland and
Romania to Poland's Getin Holding, Volksbanken said on
It gave no financial terms for the deal, which it said
should close this year.
VBLI owns eight subsidiaries in the Czech Republic,
Slovenia, Croatia, Poland, Romania, Serbia, Slovakia and
Volksbanken has 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 ($35.4
million) before tax last year, is one of the top ten players in
that country and the single largest unit within VBLI, the bank
said in a statement.
VB Leasing Romania, a top-six leasing company there, earned
12.9 million before tax in 2013.
"At closing, Getin Holding will replace 100 percent of the
shareholder funding of the two companies at par, including
accrued interest," Volksbanken said.
Ithuba Capital, the Schoenherr law firm and Deloitte
advised the sellers, it added.
($1 = 0.7291 Euros)
(Reporting by Michael Shields; Editing by Mark Potter)