Getin Holding expands operations in Romania by acquiring the domestic division of VBL International

After taking over Romanian International Bank (RIB) last year, the Polish group Getin Holding enlarges its business portfolio in Romania by acquiring the domestic division of Volksbank Leasing International, in a transaction which includes VB Leasing Polska, one of the top leasing companies in Poland, is announced through a media release.

The Management Board of Getin Holding signed last week the corresponding agreement for the purchase of the entire stakes in VB Leasing Polska and VB Leasing Romania which results in an indirect control on its subsidiary VBL Broker de Asigurare, as well. Preliminary estimates of the amount involved by this deal indicate a total of nearly 39 million euro (26.5 million euro for the shares in VB Leasing Polska and some 12.5 million euro for the Romanian-based division), yet the final price is subject to the completion of certain contractual terms.

“The transaction should be completed within the coming three months, while these divisions are going to be consolidated in the third quarter of 2014”, said Rafal Juszczak, CEO of Getin Holding, according to the named source.

Apart from share purchase agreement, the group, through the financial institution it controls in the two countries Getin Noble Bank, Idea Bank – in Poland and Romanian International Bank - in Romania, respectively, shall purchase receivables due to the leasing companies under lease and loan contracts.

In November 2013, Getin Holding announced the takeover of RIB , one of the smallest banks in Romania, with a market share of about 0.12 percent. The group is controlled by Polish businessman Leszek Czarnecki and has operations in five countries: Poland, Russia, Ukraine, Belarus and Romania.