IKB Leasing will be absorbed into the Pan European Asset Company (PEAC) brand this summer, following HPS Investment Partners’ formal acquisition of the business from German parent bank IKB earlier this month.

The acquisition, an undisclosed price, had already been announced by IKB in June, and was on hold for approval by German regulators.

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IKB Leasing says it has a portfolio of 67,000 leases, primarily with SMEs, across the 14 countries its subsidiaries and branches operate in.

The company currently provides vendor finance, project finance as well as equipment and commercial vehicle leasing. It also provides insurance and IT services as well as operating the resale of its ex-lease equipment.

PEAC was created from the rebranding of British lessor CIT Vendor Finance, which New York-based HPS acquired in 2016. It was created as a Europe-wide asset finance provider of SME facilities between £1,000 (€1,124) and £3m.

At the time of CIT’s acquisition, Leasing Life reported that it was only the first of a series intended to grow PEAC, and that HPS – which subsequently split from parent J.P. Morgan – was already thinking of further opportunities.

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HPS’s stated aim is “to take advantage of … regulatory-induced deleveraging [that] may be leading banks to divest of capital intensive and non-core [finance activities].”

PEAC has been in a recruitment drive over the last year, hinting at expansion plans for the company.

More recently, in January, PEAC disposed of around 1,000 lease contracts in its legacy CIT portfolio, handing them over to Corporate Asset Solutions (CAS) in what PEAC said was it refocusing on core markets.