Some €200m has been made available to the leasing arm of
Bulgarian financial group Eurohold, through securitisation of
receivables by Deutsche Bank.
The securitisation of the leasing portfolio is the first deal of
its kind in south-east Europe, and has given Eurohold subsidiary
EuroLease Auto considerable muscle in its regional expansion
plans.
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EuroLease Auto must use the funds within 24 months, according to
terms set by Deutsche Bank London, which has led management of the
transaction.
The money will help to raise EuroLease’s monthly new business
deployment capacity from €5-7m per month up to €10m per month, and
will contribute to the company’s immediate goal of generating a
€519.6m leasing portfolio.
The funds will also allow Eurohold to develop its leasing
activities in countries where its insurance sub-holding Euroins
Insurance Group is already present.
A Macedonian leasing subsidiary by the name of Eurolease Auto
Skopje has already sprung up under this aegis, and Eurohold has
since announced plans to expand into Albania, Serbia, Moldova,
Ukraine, Turkey and Russia.
The deal is Deutsche Bank’s second securitisation operation in
Bulgaria. In May 2006 the bank securitised a portion of ProCredit
Bank Bulgaria’s loan portfolio.
