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Purchase of VBLI group companies strengthens Getin Holding group's position in leasing services segment

11.09.2014

Autorzy:
Andrzej Foltyn
Magdalena Skowrońska
Tomasz Kalicki

Experts in our Capital Markets and Financial Institutions Practice have advised Getin Holding SA, Idea Bank SA and Romanian International Bank SA (a Romanian bank that is a subsidiary of Getin Holding on whose acquisition DZP advised at the end of last year) on the purchase from VB-Leasing International Holding GmbH of the companies VB Leasing Polska SA and VB Leasing Romania IFN SA. The price for the VBL PL shares was almost PLN 173 million, and for the VB Leasing Romania shares – around PLN 52 million.

Based on the value of contracts concluded in 2013, VB Leasing Polska estimates that it is in 10th position on the Polish market and leader on the heavy vehicle leasing market, while based on the same criteria VB Leasing Romania IFN estimates that it holds 6th position in Romania. The acquisition of VB Leasing Polska has strengthened Idea Bank Group's position in the leasing services segment and is the next step in a full-range offer being developed for businesses at Idea Bank. VB Leasing Romania IFN joining the Getin Holding Group structure will raise Getin Holding's profile on the Romanian market and will create the foundations for a strong capital group centred on Romanian International Bank.

Together with Getin Holding's acquisition of the two leasing companies, DZP advised Idea Bank and Romanian International Bank on their acquisition from VB Leasing Polska and VB Leasing Romania IFN respectively of portfolios of leasing receivables and receivables under other agreements due to each of these companies from their clients. Idea Bank acquired a receivables portfolio for PLN 1,588 billion and EUR 288,4 million, and Romanian International Bank acquired a receivables portfolio for EUR 114,93 million. The resulting proceeds were allocated by VB Leasing Polska and VB Leasing Romania IFN to repaying the whole of the funding extended to these companies by VB-Leasing International Holding GmbH group entities. The transaction was the biggest acquisition combined with funding repayment on the Polish market in 2014 and was the first transaction to finance leasing activity related to the acquisition of receivables by the bank on the Romanian market.

The transaction closing was planned so that both the transfer of the shares and the transfer of the cash related to transaction settlement (also foreign transfers) took place on the same day.

DZP provided both legal and tax advice at all the various stages of the year-long transaction (and also co-ordinated legal advice on Romanian law).

The project was led by Andrzej Foltyn, head of the Capital Markets and Financial Institutions Practice, and Magdalena Skowrońska, Partner in the same Practice. The team advising the client also included Jarosław ChojnackiTomasz Kalicki and Anna Turska.

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