The European Investment Bank (EIB) will make available €230.9m (£162.6m) to UniCredit Leasing Austria through the purchase of asset-backed securities (ABS).

The "Success 2015" ABS transaction was arranged by UniCredit Bank Austria and Munich-based UniCredit Bank.

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The secured portfolio comprises of motor vehicle leasing agreements (59%) and other leased assets (41%).

According to UniCredit Leasing Austria the purchase of securities by the EIB will be directly used for strengthening new business.

"Under the cooperation arrangement with the EIB, UniCredit Leasing Austria has undertaken to grant medium-term and long-term lease financing, mainly to SMEs, with attractive funding for a total amount of EUR 230.9 million within the next two years," the company wrote.

The EIB will invest in the senior tranche, which has an AAA rating from Fitch and DBRS. UniCredit Leasing Austria will take the junior tranche (class B) in the amount of about €94.4m on its books.

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Helmut Bernkopf, a member of Bank Austria’s management board with responsibility for retail and corporate customers, said: "We are very pleased that the EIB’s participation in this transaction will enable us to offer lease financing and also loans to SMEs totalling EUR 230.9 million on particularly favourable terms and conditions in the next two years. Bank Austria is thereby making available additional financing opportunities to companies, once more underlining its leading position as a lender in Austria. Moreover, this transaction will contribute to wider opening the securitisation market for financings of small and medium-sized businesses in Austria."

Günther Populorum, chief executive officer of UniCredit Leasing Austria, said: "We will use the funds from the EIB to actively support projects of SMEs. By offering particularly attractive terms we want to motivate Austrian businesspeople to take advantage of the favourable conditions for investments."