Dutch bank NIBC has acquired German leasing firm Gallinat Bank from ALBIS Leasing as it aims to increase its footprint in Germany.
The acquisition will allow NIBC, which currently offers asset finance predominantly to the oil and gas, renewables and shipping sectors, as well as other corporate banking functions in Germany, to develop its services to the German mittlestand, or medium-sized companies.
Completion of the deal is subject to approval by regulators. Ratings agency Fitch has said the deal is not material to NIBC’s credit ratings.
The Dutch bank reported net profits for 2013 of 22m, down from 73m in 2012, and attributed the decline to "the continued weak economic climate" particularly in its our core market of the Netherlands. Gallinat has total assets of around 650m, according to NIBC.
Jeroen Drost, chief executive of NIBC Bank, said: "We are happy with the acquisition of Gallinat Bank, since it perfectly fits in our strategy of increasing our footprint in Germany, our second domestic market.
"NIBC has grown its client base and service offering since its establishment in Germany and has been looking for an opportunity to build further on its success in the growing German market. It once again emphasises our commitment to the German market."
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData