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UPDATE 1-Polish Getin to buy Austrian VB Leasing's Polish, Romania units for $53 mln
May 16, 2014 / 5:53 AM / 4 years ago

UPDATE 1-Polish Getin to buy Austrian VB Leasing's Polish, Romania units for $53 mln

(Adds more detail, CEO comments)

WARSAW, May 16 (Reuters) - Polish financial group Getin Holding said on Friday it had agreed to buy Austrian VB Leasing’s Polish and Romanian units for 163 million zlotys ($53.3 million) to become Poland’s largest leasing firm.

“The transaction should be finalised in the next three months and the units should be consolidated in the third quarter,” Getin Holding’s Chief Executive Officer Rafal Juszczak said.

Getin plans to finance the purchase partly with debt. It also agreed to secure 3.2 billion zlotys for the two units to repay VB Leasing’s financing.

VB Leasing’s Polish unit is among the top 10 leasing providers in Poland. It closed last year with a net profit of almost 85 million zlotys.

The Romanian unit, which is to be added to the Romanian International Bank (RIB) Getin bought last year, is among the top 6 players in Romania with a net profit of almost 100 million zlotys in 2013.

Getin’s banking arms Getin Bank, Idea Bank, and RIB, will buy loan portfolios from the VB Leasing’s units. The portfolios’ price was not disclosed. ($1 = 3.0567 Polish Zlotys) ($1 = 3.0567 Polish Zlotys) (Reporting by Adrian Krajewski; Editing by Miral Fahmy)

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