Deutsche Leasing has completed its purchase of HSH Nordbank subsidiary Deutsche Anlagen-Leasing (DAL), buying the remaining 40% stake in the company it did not already own.
The sale is part of the Landesbanken-owned lender’s divestment of non-strategic holdings, and will make DAL wholly owned by Deutsche Leasing. The contracting parties agreed not to disclose the purchase price.
In 2004, Deutsche Leasing bought a 60% stake in big ticket specialist DAL. Later in 2008, HSH Nordbank said it planned to halve its asset base by 2012 as part of cost cuts throughout the whole business.
Kati Eggert, spokesperson at Deutsche Leasing, which is owned by the famously risk-averse network of Sparkassen (local savings banks), commented that the acquisition was driven by HSH’s need for divestments.
She said that there are no plans to acquire part or all of any other leasing businesses owned by the Landesbanken.
“Our target is to keep this position [as market leader], but we are planning a natural volume of growth rather than a huge expansion.”
She added that there will be no changes in how DAL will operate.