Immigon portfolioabbau ag (immigon) has agreed to sell VB Leasing Austrian arm – VB Leasing Finanzierungsgesellschaft (VBLF) – to BAWAG PSK Leasing.
The relevant sale and purchase agreement was executed on the 12th of August 2015, with the financial terms of the deal not being disclosed.
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The Austrian government is a major shareholder of immigon (owns 43.3%) alongside Volksbanken Holding (43.21%): the sale of the stake in VBLF is part of immigon’s wind down plan.
The closing -which is anticipated in the last quarter of the year – is subject to customary conditions, including regulatory approvals.
VBLF held net customer receivables of 653m as of 30 June 2015. BAWAG PSK Leasing will replace 100% of the refinancing of VBLF.
VBLF has nine branches across Austria and operates in the car, transport, office automation and machinery segments of the leasing market.
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By GlobalDataThe Austrian state bought into VB Leasing parent Volksbanken after the global financial crash.
As part of the bailout, Volksbanken was forced to sell its 50% stake in leasing subsidiary Volksbanken (VB) Leasing. Under the restructuring plan imposed by the Commission, Volksbanken had to cut its balance sheet by more than 10bn and also sell its 51% stake in its Romanian banking subsidiary by the end of 2015 and a minority stake in Raiffeisen bank.
In 2014 Polish finance company Getin Holding bought out the VB Leasing’s subsidiaries VB Leasing Polska and VB Leasing Romania.
