Italease signs letter of intent for joint venture with VR Leasing

Banca Italease has signed a letter of
intent with VR Leasing for a joint venture in which, for €369
million, the German lessor is expected to acquire a 60 percent
stake in the business unit that will operate in the leasing
and factoring markets.

The Italian lessor said that the joint venture with VR Leasing,
a subsidiary of DZ Bank, will include €8bn of Italease’s
receivables for leasing transactions deriving from the company’s
direct and banking channels, €2bn of receivables from factoring
transactions and a debt portfolio of around €9.7bn.

It will exclude lease receivables deriving from the channel of
agents, intermediaries and suppliers, medium and long-term
corporate loans and retail mortgages totalling around €13bn in
March 2008.

The letter of intent states that the definitive agreement has to
be made before December 12 and that it must include the mention of
a “qualified presence” of Banca Italease members in the management
team of the joint venture.