Grenke Leasing plans to drop the ‘Leasing’ in its company name to become Grenke in order to reflect the expansion in its product lines said the business.

Grenke has expanded in the past several years under the Grenke Group to include related business segments, particularly those containing factoring and banking activities.

"To reflect its wider business activities, a change in the company’s current name away from the name’s focus on the leasing business is considered a reasonable step," the company wrote.

The company highlighted that a change to Grenke will not have any economic or legal implications for them with respect to its relationship to its subsidiaries, shareholders or customers.

The change in the company’s name will be added to the agenda of the ordinary annual general meeting on May 3, 2016 as a resolution proposal of the board of directors.

Wolfgang Grenke, chairman of the board of directors of Grenke said: "The development of the Grenke Group has demonstrated that the evolution of our services must always be demand-oriented. Having a diversified range of financing solutions has contributed powerfully to Grenke’s strong brand.

"We believe a logical consequence of the Company’s progression is to change the Company’s name from Grenke Leasing to Grenke. We will continue to remain faithful to our successful approach – namely, to operate as a finance specialist in small-ticket IT leasing – that has proven itself for the past 38 years."