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Volksbanken Leasing sells 2 units to Poland's Getin
May 16, 2014 / 7:47 AM / 4 years ago

Volksbanken Leasing sells 2 units to Poland's Getin

VIENNA, May 16 (Reuters) - 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 Friday.

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 Bosnia-Herzegovina.

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

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