March 9, 2005
Hansa Capital to buy EBRD's holding in Hansa Leasing Russia
Hansabank's subsidiary Hansa Capital will acquire from EBRD its 25% holding in the specialist leasing company AS Hansa Leasing Russia.
Hansa Capital and EBRD signed a purchase agreement on 8 March. As a result, Hansa Capital will become the sole shareholder of Hansa Leasing Russia. The price of the transaction is confidential.
Hansa Leasing Russia was established in 2002 as a greenfield joint venture between Hansabank and EBRD to provide financing to Russian businesses for leasing rail cars. The company was capitalised at EUR 24 million, with Hansabank investing EUR 18 million and EBRD contributing EUR 6 million. The company has successfully developed into a leading rail car lessor in Russia. As at 31 December 2004, the company's leasing portfolio totalled EUR 136 million.
EBRD's exit from Hansa Leasing Russia is related to Hansabank's increased involvement in Russia. According to the new strategy approved in 2004, the Group will operate in the Moscow, St. Petersburg and Kaliningrad regions and focus on serving its Baltic, Scandinavian and Russian corporate clients. As a result, Hansabank is purchasing a commercial bank in Russia, Kvest bank. In addition, in 2004 Hansabank established a local leasing company in Russia - OOO Hansa Leasing which as well as rail cars is also financing real-estate, industrial equipment and vehicles.
Hansabank and EBRD intend to continue their long-standing relationship by working together on mutually beneficial projects.
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