down amid the economic turmoil, with a drop of around 10 percent in
the total value of contracts compared to one year ago. This is the
first time in a decade the Italian leasing market has not seen
growth.
Assilea, the Italian association
for the leasing and asset finance sectors, last month released
figures showing the industry totalled € 21.4 billion in the first
six months of 2008, going down 10 percent from the €23.7 billion
figure for the same period in 2007.
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The general economic slowdown has been
blamed for the drop, particularly because of a diminished
production in the manufacturing sector, in which leasing is a main
form of equipment financing. The credit crunch has also caused
swollen interest rates, making leasing less appealing for
companies.
The figures also show a change in
terms of performances. The “big five” in the Italian leasing
industry have reached a combined 47 percent in terms of new
production.
Leasint, which was formed after the
merger of Intesa Leasing and San Paolo in January this year, now
tops the list, with a value of contracts of €3.2 billion.
The two companies in 2007 came third
and fourth with a combined €3 billion.
Locat, the leasing arm of UniCredit in
Italy, is still number two, although it has seen a drop in volumes
from €3.177 billion to €2.771 billion.
The merger in July of BPU Esalising
and SBS Leasing formed UBI Leasing, a new big player in the Italian
scenario, which has a combined value of contracts of €1.6
billion.
Italease, which recently agreed to
form a joint venture with VR Leasing, is still one of the main
players with € 1.4 billion of leased assets. However, it is a
shadow of its former self and last year its contracts totalled €
3.6 billion.
The last of the big five, with almost
€1 billion, is BNP Paribas Lease Group. The previous fifth largest,
Banca Agrileasing, is now ranked eighth.
Antonio Fabrizio
