The Croatian leasing market has experienced strong growth despite the withdrawal of Hypo Leasing, according to news reports.

According to data from the Croatian Financial Services Supervisory (Hanfa), a reported 3.45 billion kuna (€460m) worth of new contracts were closed in the six months to 30 June, up 25% year-on-year.

Both operating and financial leases grew, with 23% and 43% year-on-year increases respectively. The total value of financial leases grew up to 43%.

Renata Pondeljak, chief executive officer OTP Leasing, told Total Croatia News: “Thanks to the recovery of the market, we can feel the growth of about 30 percent, which is great after many years of crisis during which both entrepreneurs and the financial services industry were extremely cautious.

For H1 2016, Hanfa recorded 62.3m kuna worth of active contracts at the end of June, up 4.9% from the same period in 2015. Compared to year-end 2015, this increased 3.6%.

Pondeljak added: “Entrepreneurs have slowly started opening the doors to new investments in order to be competitive, which is strengthening the leasing industry as well. I believe that these positive trends will continue in the rest of the year.”