KEY EQUIPMENT FINANCE
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Equipped for growth
Although a relatively small business, Key Equipment Finance
retains a sprawling European network
Brendan Malkin
Alun Richards, managing director of the European business of
American lessor, Key Equipment Finance (KEF), said that, in Europe
at least, the size of his company’s remains comparatively small, at
least in relation to the size of its portfolio, of $825m. It is
sizeable, however, in terms of the scale of its business, comprised
of operations in 15 countries. Its workforce, of 130 staff,
however, has not grown in size in recent years.
This is a business that, while growing, has not been doing so,
at least recently, at the rate it would ideally like. Richards said
that while he was “happy” with the $100m growth in new production
over the past year, he added this was lower than two years, and
that in better economic times it could have reached $200m.
However, pressures and fluctuations in the market have meant
growth has slackened. “It has been caused by people chasing volume,
which has created an excess of liquidity in the marketplace, and
also people chasing deals with prices that do not make sense,” said
Richards.
While KEF does not reveal detailed figures for the business,
Richards said KEF aims to achieve a turnover of €0.5bn a year, and
its growth target is between 15 and 20 per cent per annum.
About a quarter of its business is sourced from southern Europe,
and the remaining 75 per cent is roughly equally distributed
between its UK and northern Europe regional businesses, and its
central and eastern European arms. Its businesses in France, Italy
and Spain are the fastest growing, and the UK is its largest
business.
While it remains firmly entrenched in financing mid-sized deals,
with deals ranging in size between $250,000 and $10m, it has
recently diversified beyond its traditional niche IT market, which
includes providing vendor finance for Network Appliance and Unisys.
While four years ago IT represented 95 per cent of its total
business, today it represents between 60 and 70 per cent. Transport
finance, including corporate aircraft, is its next biggest (it has
no plans to enter car leasing), followed by medical and
manufacturing equipment. Despite this diversification, IT remains
an important part of the business going forward. “There is a lot of
opportunity in IT, and we are still relatively small in this area,”
said Richards.
KEF takes residual value risk on all assets it finances, and
operating leases represent in excess of 10 per cent of its total
financing product portfolio. Vendor finance is its dominant route
to market, sourcing 70 per cent of its total business. Other
business is sourced through brokers, a sales force, and via
syndications. Commenting on the latter, Richards said: “We are very
active in this market, and as a new player in this marketplace we
are growing our medical business, albeit slowly. Portfolios do not
come about very often and often they are expensive to buy.”
KEF plans to grow between 10 and 15 per cent each year.
AUSTRIAN BANKS
Hypo Group Alpe Adria Leasing
Double-digit growth Making headway in countries with low
penetration rates
Katherine Gregory
Hypo
Group Alpe Adria Leasing, one of the largest leasing companies in
the Alps- Adriatic region, recorded a pre-tax profit of €36.1m for
June 30 2007.
This compares with pre-tax profit for yearend 2006 of
€70.3m, up 22.7 per cent from €57.3m in 2005 and €51.3m in
2004.
Its 2006 profit figure represented 38.3 per cent of Hypo
Group Alpe Adria’s consolidated result.
Operating profits also recorded a year-onyear double-digit
increase, from €68.2m in 2004 to €81m in 2005 and €85.9m in
2006.The company attributed this to particularly positive
developments in its Slovenian and Austrian subsidiaries.
Following strategic geographic expansion into Bulgaria,
Hungary and Macedonia in 2006, and consolidating 73 European
locations with 862 staff, Hypo Group Alpe Adria Leasing’s new
business volume was able to reach €1.116bn for half year 2007.
This figure compares with €1.9bn for yearend 2006,up 37
per cent from €1.377 in 2005.
Following the establishment of new subsidiaries, Hypo
Group Alpe Adria Leasing’s customer numbers also jumped to 70,000
in 2006, an increase of 22.8 per cent over 2005 (57,000). Some 44
per cent of these customers are from south-eastern Europe, and 53.6
per cent from the European Union.
Hypo Group Alpe Adria Leasing plans to open another
subsidiary in Ukraine this year.
Total assets for half year 2007 reached €5.402bn, up from
€4.581 for year-end 2006 (a 15 per cent increase just for the first
half of 2007), and €3.30bn (38.8 per cent) for year-end 2005.
Total number of contracts for the group reached 102,017
for December 2006, and totalled 24,045 for the half year to June
2007; the majority of which was generated by Hypo Leasing Kroatien
d.o.o (35.1 per cent) and Hypo Leasing Slovenia (30.4 per
cent).
Hypo Leasing Bulgaria concentrates on financing
infrastructure,tourism and energy projects.
On the back of Bulgaria’s low penetration rate, and the
leasing market’s large opportunity for growth – at a current rate
of 25 per cent per annum – Hypo Leasing Bulgaria was able to reach
a volume of €10.5m in the country in 2006, conclude 989 new
agreements, and gain €44m in financing volume, thereby capturing an
8 per cent market share.
At year end 2006 Hypo’s Austrian leasing operations, which
is well established in the equipment sector – particularly in
motorboats, yachts and aircraft – represented 16.5 per cent of the
bank’s entire leasing division.
Also, it financed €130.4m of equipment during the year –
representing 65.5 per cent of the group’s entire equipment leasing
portfolio.
Despite increased competition, Hypo
Leasing d.o.o, which focuses on financing the building and
management of shopping and business centres, captured 40 per cent
of the entire new financing volume in Slovenia. Its total assets
were up 27.5 per cent for 2006 on the previous year.
Total amount of contracts for the entire leasing group
reached 102,017 for December 2006, and 24,045 by June 30 2007,the
majority of which was generated by Hypo Leasing Kroatien d.o.o
(35.1 per cent),followed by Hypo Leasing Slovenia (30.4 per
cent).
The value of its ship leasing and aircraft financing
contracts totalled €437.7m and €146.8m respectively for the years
between 1990 and December 2006.
RAIFFEISEN LEASING
Eastern promise
While the CEE continues to boom, profits have dipped in Raiffeisen’s
western business, according to figures for H1 2007
Katherine Gregory
With one of the largest combined leasing networks in Europe, the
leasing arms of Austria-based Raiffeisen
Zentralbank Osterreich AG Group (RZB), Raiffeisen Leasing (RL), and
Raiffeisen Leasing International (RLI), reported an approximate
combined portfolio of €7.2bn for half year 2007, up from €6.1bn for
half year 2006.
The leasing business has a confusing structure. While Raiffeisen
Leasing operates exclusively in Western Europe, and is managed by
its Vienna-based headquarters, RLI, on the other hand, which is 25
per cent owned by RL, and 75 per cent owned by banking group,
Raiffeisen International, is the holding company for all of the
leasing subsidiaries in Central and Eastern Europe.
In addition, RL is 51 per cent held by RZB, and both RLI and RL
make up a respective 75 per cent and 25 per cent in terms of new
business volume in the Raiffeisen Leasing Group (RLG).
Despite the complex nature of Raiffeisen’s leasing arms, it is,
in fact, fluid in nature. Its structure has changed, and is likely
to do so again soon, and dramatically so as well, according to
Peter Engert, managing director of RL.
The reason for that each arm is valued differently by the
company. “RLI is developing faster than RL, and its number of
countries and network is increasing,” said Engert.
“RL can’t compete [in terms of new business] with the Eastern
European market, and so the weight of RLI is increasing over RL in
the Raiffeisen Leasing Group. This is because, in Austria, the
margins are so low, so a lot of leasing companies are fighting for
every client and project,” Engert said.
RLI constitutes 5 per cent of Raiffeisen
International Group, the banking group for Eastern Europe, which
recorded a profit before tax of €606.6m, and a market
capitalisation of €16.8bn for half year 2007.
According to the managing director of RLI, Michael Hackl, in
June 2007, his business constituted approximately 6 per cent of
Raiffeisen International Group’s total balance sheet of €62.644bn,
a 12 per cent increase on €55.867bn for the same date in 2006.
Therefore, RLI recorded a portfolio size of €3.7bn for H1 2007,
which was a 42 per cent increase on €2.6bn for H1 in 2006. RLI’s
new business volume increased by 50 per cent to €1.3bn for H1 2007
compared to H1 2006.
RLI’s leasing units include: Albania, Belarus, Bosnia, Bulgaria,
Kazakhstan, Croatia, Czech Republic, Hungary, Poland, Romania,
Russia, Serbia, Slovakia, Slovenia and Ukraine.
In Romania alone, RLI signed 2,900 leasing contracts worth €136m
for H1 2007, up 74 per cent year-on-year. This was due to
particularly strong growth in the automotive leasing segment, which
accounted for 77 per cent of the company’s total portfolio.
Equipment leasing constituted 18 per cent, and real estate leasing
5 per cent, which the country’s CEO, Mihaela Mateescu, said should
increase to 10 per cent this year, albeit at the expense of vehicle
leasing.
By year end 2007, RLI Romania aims to finance goods worth
between €240m and €250m, up 50 per cent on the year, of which
between €20m to €30m relates to public projects.
Meanwhile, Raiffeisen Leasing (RL) recorded a profit after tax
of €14m for half year 2007, compared to €20m for year end 2006, and
forecasts to achieve around the same for year end 2007. Its
portfolio is valued at €3.5bn, and it recorded €1bn of new business
volume in the first six months of 2007.
For year-end 2006, RL recorded a portfolio size of €3.3bn, and
new business volumes of €3.4bn, €294m of which was through vehicle
leasing, €292m through equipment leasing and €483m through real
estate leasing.
In addition, €1.069bn is sourced through Austria, and
cross-border deals from that country, and €2.364bn, an increase of
39 per cent, in the remainder of its western European subsidiaries,
which include: Italy, Germany, Switzerland, and in the past year,
also Sweden and Finland.
According to Engert, RL’s regional portfolio is dominated by
Austria (70 per cent) and Italy (10 per cent). RL receives between
5 and 7 per cent of new business through vendor finance, and in
Italy, 100 per cent of its business of €300m is through
brokers.
RLI says it sources about one-third of new business from
vendors.
RLI’s asset spread is fairly typical of the asset spread across
Central & Eastern Europe, in which vehicles constitute
approximately 70 per cent of the portfolio, followed by 20 per cent
moveable assets, and 10 per cent real estate.
RL’s assets are also fairly evenly spread, with cars, trucks,
and real estate comprising one-third each of the portfolio.
Similar to the general financing trends in the CEE region, RLI
transacts mostly financial leases, and about 10 per cent
operational leasing, which Hackl said is growing in demand.
“Financial leasing is obviously the most dominant product,
[although what determines what is the dominant finance product]
market practice, and the demands of the market. I don’t know
whether its connected to the type of assets we finance, but its
just the most well known and used,” Hackl said.
On the other hand, due to the residual value attached, operating
leasing is not so aggressively offered by financial institutions in
the CEE. This is also the case in western Europe, according to
Engert, who said that all but 1 per cent of RL’s is comprised of
finance leases, largely because of the IFRS treatment on most
leases – which transforms what may originally be an operating lease
into a finance lease transaction on the balance sheet – and the
issue of ownership at the end of the lease period.
“Sometimes the signature of some leasing companies is
operating lease, but in real terms its finance lease. In reality
the ownership of the asset is in all the minds of our clients,”
Engert said.
Engert added that RL has had some operational lease programmes
with software and mobile companies, because of the nature of those
types of assets, but it has not had a large take-up as yet.
Hackl said that the growth rate in leasing across the CEE region
is phenomenally fast, and often outweighs that of western
Europe.
“Each country, or entity, is in different stages of development,
and so is each of our subsidiaries, our most recent establishment
was in Ukraine last year,” Hackl said.
“Mostly those entities that are already in the EU, including the
new members of Romania and Bulgaria, are well developed and have
contributed to the high level of results. There is still room for
improvement in the CIS countries.”
Breakdown of Raiffeisen Leasing’s subsidiaries
A-Leasing SpA: Based in Treviso, Italy, it offers a wide range
of products, including vehicles, equipment, boats and real estate.
It also has a particular focus on SME accounts.
Austria Immobilien Leasing AG: Based in St Gallen, Switzerland,
it services the German-speaking region of eastern Switzerland, and
offers real estate and equipment leasing. IT also includes Austria
Leasing, headquartered in Frankfurt, which provides real estate and
equipment leasing for SMEs and international groups.
RL-Nordic AB: Set up in recent months, this Stockholm-based
business is concentrated on the real estate market for the
corporate sector and local authorities.
BELGIUM BANKS
KBC LEASE
The home front
The pressure is on at KBC Lease’s Belgium business as it tackles
stiffening competition, ever increasing levels of liquidity, and a
lack of interest in leasing
Katherine Gregory
KBC
Lease Belgium, a subsidiary of KBC Group NV, is riding the wave of
strong economic growth in Belgium, reporting a year-on-year
increase of 26 per cent in new business volume for the half year to
June 31 2007.
KBC Lease Belgium, which makes up approximately 0.2 per cent of
KBC Group, recorded a portfolio of €1.9bn for half year 2007, up
from €1.65bn at the close of 2006, and €1.5bn for the close of
2005.
Based on information in the financial statements of KBC Group –
which was created out of a merger between KBC Bank and Insurance
Holding Company and Almanij in 2005 –
KBC Lease Belgium recorded a net profit of €3.866m for half year
2007, up from €3.43m in half year 2006.
According to Marc De Waele, managing director at KBC Lease
Group, KBC Lease as a whole recorded €25m in net profit, out of
€3bn for the group for year-end 2006.
The leasing business of KBC is reported in the results of its
banking division, which returned a net profit of €1.5bn in 2004, up
from €1.3bn the previous year.
Capitalising on its banking arm, KBC Lease has also expanded its
presence in Europe through various local leasing companies such as
Kredyt Lease in Poland, CSOB Leasing in the Czech Republic and
Slovakia, where it is ranked number one, K&H Leasing in Hungary
and Slovenia, and more recently, A Banka in Serbia and Romstal
Leasing in Romania.
KBC Lease’s market share in Belgium is 22 per cent in terms of
new business volume, and is ranked second with leading positions in
finance leasing and full-service car leasing.
According to De Waele, although KBC Lease constitutes a large
proportion of the Belgium leasing market, it is still a relatively
small domestic industry, at least in comparison to other European
countries.
“Leasing as market penetration – as in the percentage of
professional investment that is financed by leasing – is only 11
per cent in Belgium. We are not a leasing country, but more a
credit country. Still, the level of leasing is increasing every
year, as more and more people become convinced of the value of
leasing as a finance source,” De Waele said.
KBC Lease Belgium’s new business volume for half year 2007 was
€461m, up 26 per cent from €461m on H1 2006, and €807m for year end
2006 and €750 for year-end 2005.
The Belgium market recorded new business at €2.2bn for H1 2007,
up 13.3 per cent from H1 2006, and a total new business volume of
€3.96m for year-end 2006, up from €3.85bn for year-end 2005.
At close of 2005, KBC Lease Belgium’s finance leasing credit
stood at €5.9bn, up from €5.3bn the previous year, an 11 per cent
increase.
KBC Lease Belgium’s portfolio is divided into 50 per cent
machinery & equipment, 15 per cent cars, 15 per cent trucks and
trailers, 10 per cent ICT and 10 per cent real estate.
The portfolio is also 85 per cent dominated by financial
leasing, while operating leasing represents just 15 per cent of its
total financing products, a common trend in Europe, due to both the
RV risks attached to the product, and the difficulty in absorbing
operating leases into IFRS standards for large companies.
De Waele said: “In Belgium, following GAAP, we can only do
operating leasing when the residual value is higher than 15 per
cent, and that means that as a leasing company, we have to take
more risk.
“And when we try to limit that risk, it means that we have to
find another company that guarantees the RV, which is not
easy.”
In the Belgium market, however, 40 per cent of transactions are
operating leases, because of the large number of captive finance
companies that take RV.
De Waele says that operating leasing is mostly attached to
assets such as trucks, trailers, cars and even real estate.
Since KBC Lease can draw on its banking arm for a route to
market, only 6 per cent of its business is sourced through brokers
and vendor finance.
De Waele, managing director at KBC Lease Group, said that due to
growing competition between leasing companies, and between lessors
and creditors, combined with the growing working capital of banks,
margins across Europe are dropping to a detrimental extent on the
leasing market.
“Particularly due to the growing surplus of banks’ own internal
working capital, there is more liquidity today than in the past.
Since companies now have the ability to use more of their own
reserves, then we have to increase our margins, and that’s bad for
the industry,” De Waele said. However, he added that this is a
“cyclical phenomenon”.
BENELUX
FORTIS LEASE
Pastures new
With profits growing apace, Fortis Lease is busy ramping up its
overseas operations, as well as finding a new home for itself in
the parent bank
Katherine Gregory
As Fortis
Lease expands its business arms beyond the safety net of Europe,
following the laws of globalisation, it has seen significant growth
both in terms of its portfolio and profit, both of which have
increased 30 per cent for half year 2007 on the same period the
year before.
Already present in 19 European countries, Fortis, which has 820
staff, it recently bought three leasing businesses in Malaysia,
Singapore, Hong-Kong, and plans to acquire a business in China in
due course.
“We are expanding outside of Europe, because it’s all about
closing the loop – its called loop leasing,” Philippe Delva, the
managing director of Fortis Lease, said.
“But there are still a couple of blind spots in Europe that we
want to cover.”
Fortis Lease’s portfolio increased from €9.5bn at half year
2006, to a current one worth €12bn, one-third of which is through
real estate business, and another 30 per cent through wheeled
assets.
The remainder of the portfolio consists of machines, from basic
photocopiers to larger ticket assets, including a recent new niche
expansion into private yachts, aircraft and jets. Less than 5 per
cent of the book is devoted to IT.
With a range of acquisitions, as well as significant organic
growth, Fortis Lease’s growth income reached €121m, and its net
profit (before tax) grew 30 per cent to 46m for half year 2007.
Merchant & Private Banking (MPB), of which Fortis Lease is a
part of, had a total income of €3.25bn for half year 2007, up from
€3.08bn for half year 2006, an increase of 6 per cent. The second
quarter was particularly profitable, up 20 per cent, from €1.47bn
in Q1 2007, to €1.78bn.
The division’s net profit increased by 1 per cent year-on-year
to €1.44bn for H1 2007, compared to H1 2006.
According to company results, higher volumes within the MPB
division more than compensated for the margin pressure felt at the
specialised financial services, commercial and private banking
silos.
Adopting the emerging trend, in which banks’ leasing divisions
work in conjunction with the parent bank to offer ‘integrated,
packaged solutions’, Fortis Lease not only has separate divisions
for distributions channels such as brokers and IVS, but also
separate teams to coordinate within the retail and commercial
banking branches.
“We have special Fortis Lease account managers who sit within
the business centres of the Fortis Bank so they can mix with the
peers of their bank, celebrate happy hours together and talk shop,”
said Delva.
Fortis Lease receives business from a range of channels, both
within the bank, which includes retail, commercial, private and
corporate banking, and outside the bank, which includes direct
sales, international vendor, local vendor, brokers and
intermediaries.
Finance lease constitutes the highest proportion – approximately
98 per cent – of Fortis Lease’s transactions, due to the nature of
IFRS accounting standards, according to Delva.
“The local general accepted rules for accounting will allow for
operational leases, but only at a local level, whereas for our
general global book, it is written as a finance lease on the IFRS
level,” he said.
Fortis Lease grades its assets in classes according to their
market popularity, risk and profitability. Liquid assets such as
cars and forklifts rate are in the A class, because of their
generality and general market worthiness, and assets which have no
end-value, such as software, air-conditioning and solar systems,
are rated C.
FRANCE
SG EQUIPMENT FINANCE
Northern growth
SG Equipment
Finance continues to expand, although its Scandinavian business
is showing particular promise
Russell Davies
Société
Générale Financial Services’ unit produced a net income of
€285m in the first half of 2007, up from €255m over the same period
last year.
Its leasing business, SG Equipment Finance, saw new financing
rise in the second quarter by 5.8 per cent, compared to the same
quarter last year, with strong growth in its Scandinavian
subsidiaries (36 per cent).
Its total outstandings are €16.6bn, up 10.1 per cent on the
first half of 2006.
ALD Automotive, the operational vehicle leasing and fleet
management business, now has 687,000 vehicles under management, up
8.7 per cent on June 2006, and is currently ranked second in Europe
in terms of fleet under management.
SG Equipment Finance and ALD Automotive, known collectively as
specialised financing, saw net income rise by 20.1 per cent in 2006
to €544m, up from €453m the previous year. Total revenues reached
€2.5bn, up from €2.1bn. Specialised financing is one of the bank’s
main growth areas, and its overall revenues rose by 7.8 per cent in
2006.
New lending at SG Equipment Finance in 2006 rose by 12.4 per
cent, with transport and manufacturing equipment the best
performing sectors. Margins fell slightly because of stronger
competition and the lag between market rate changes and these being
passed on to customers.
During 2006 SG Equipment Finance established an operation in the
Ukraine, and bought SKT Leasing in Russia.
ALD Automotive increased its fleet under management to 680,000
vehicles in 2006, 10 per cent on 2005 on a like-for-like basis.
At year end 2005 SG Equipment Finance, saw new lending in France
up by 4.3 per cent (11 per cent at constant structure) and saw
recovering demand in Germany, Italy, where it integrated the
Finagen leasing business, and Central Europe.
ALD
Automotive, Societe Generale’s vehicle leasing and fleet management
business, grew its fleet to 600,000 by the year end of 2005. It
expanded its network in the Baltic countries, Croatia and Romania,
made acquisitions in Turkey and Ukraine, and established
subsidiaries in Egypt, India, China and Brazil.
ITALIAN BANKS
UNICREDIT LEASING
What next?
UniCredit Leasing is settling down to a slow process of
consolidation its huge market base which goes from the North Sea,
to the Adriatic and to Moscow in the east
Katherine Gregory
UniCredit
Global Leasing – which, in 2005 was ranked the number one lessor in
Central and Eastern Europe in terms of new leasing business volume
– recorded a portfolio of €4.9bn and balance sheet total of €5.5bn
in the CEE for half year 2007.
For year end 2006, UniCredit Global Leasing, which includes its
CEE businesses and core businesses in Germany, Italy and Austria,
achieved new business volume of €13.2bn and outstanding contracts
of 340,000.
By year-end 2005, following the merger with Italian bank
Capitalia, UniCredit Global Leasing achieved a new business volume
of €12.1bn, on a par with Lombard Business Finance.
New business volume of UniCredit Leasing in Austria and the CEE
totalled €2.677bn for year end 2006, up 11 per cent on the year
before.
Out of that total, real estate comprised €546m, equipment €729m,
and vehicles dominated the portfolio with €1.401bn share.
Total assets for UniCredit Leasing in Austria and the CEE
increased by 7 per cent, from €6.919bn for year-end 2005, to
€7.383bn for year-end 2006, and its net profit increased from
€31.66m for year-end 2005, to €39.55m for year-end 2006.
Italy comprised almost 50 per cent of UniCredit Leasing’s new
business volume, at €6.14bn for year-end 2006, while Austria only
comprised €0.68bn (which excluded cross-border contracts worth
€40.5m), and Germany comprised €1.1bn, through HVB Leasing. The CEE
region, which includes 13 countries, contributed over 25 per cent
to the book value, with €3.3bn in new business volume.
UniCredit Leasing is number one in: Romania (UCI Leasing) with
12.6 per cent market share, Slovakia (UCI Leasing) with 17.8 per
cent market share, and Turkey (Yapi Kredi Leasing) with 18.3 per
cent market share.
It is number two in Italy (Locat Leasing) with 12.8 per cent market
share, the Czech Republic (CAC Leasing) with 11.9 per cent market
share, Croatia (UCI Leasing) with 19.7 per cent market share, and
Bulgaria (UCI Leasing) with 17 per cent market share.
Within the CEE, UniCredit Leasing’s highlights for 2006
included: the merger of HVB Leasing and Hebros Leasing in Bulgaria,
the setting up of new subsidiaries in Bosnia and Ukraine, where it
ranked fourth and eighth respectively in 2006, the highest recorded
rates in Hungary, Slovak Republic, Croatia and Romania, and the
continuation of the re-branding of most CEE subsidiaries, under the
name of UniCredit Leasing.
Furthermore, UniCredit Leasing in Austria (BA-CA Leasing) ranked
number one in the country with €2.399bn in acquisition values for
2006, compared to Raiffeisen Leasing’s €2.028bn.
Meanwhile, UniCredit Group’s corporate division, of which
UniCredit Leasing approximately makes up 12 per cent, recorded a
year-on-year 4.5 per cent increase in revenue, and a year-on-year
5.9 per cent increase in operating profit for Q1 2007.
At year-end 2006, UniCredit’s leasing operations made up 12.5
per cent of UniCredit’s corporate division’s €5bn revenue, and
contributed €180m (12.4 per cent) to the divisions’ net profit.
In the CEE, finance lease dominates the portfolio (95 per cent),
because, according to Alexander Schmidecker, head of UniCredit
Global Leasing Vienna Branch/CEE Markets, the option to buy the
leasing object at the end of the lease period is important t
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