Latvia’s leasing market has returned to 2004 levels, according
to Nordea Finance Leasing, one of the leasing subsidiaries of the
Scandinavian-based banking group.
The company’s head Ivars Smits told Baltic news agency BNS that
the country’s leasing portfolio declined to LVL 1.54 billion (€2.17
billion), which meant that leasing activity is now at the same
levels of 2004.
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Half of Nordea Finance leasing business in Latvia focuses on
vehicle leasing, which has hugely decreased.
According to industry figures, Latvia’s car
registrations dropped by 80.3 percent in Q1 2009 compared to
the same period the year before.
Smits also said that as transport companies’ business dropped,
several firms were not keeping up with leasing payments, which
was heavily affecting CV lessors.
