ING Lease to acquire Citileasing in Hungary
ING Lease, a subsidiary of ING Wholesale Banking and one of the top five international lease companies in Europe, announced today that it has reached an agreement with Citigroup to purchase Citileasing in Hungary.
The acquisition, subject to regulatory approval, marks a significant expansion of ING’s leasing activities in Hungary and forms part of ING Wholesale Banking’s strategy to increase its presence in Central & Eastern Europe. ING Lease is already represented in 6 CEE countries and expects to expand further in the near future.
Citileasing’s portfolio is mainly focussed on financial leasing. The acquisition brings the portfolio of ING Lease Hungary to €200 million, representing a market share of 8% of the equipment financial lease market and a top 10 position in the Hungarian Lease market Krzysztof Bielecki, Managing Director for ING’s General Leasing activities in Central & Eastern Europe, said: “The acquisition is an excellent fit for ING Lease in Hungary and further reinforces the expansion of our CEE network.”
Vib Verma, CEO ING Lease Hungary, said: “Through the acquisition of Citileasing we further strengthen our expertise and excellent reputation in providing a high level of service in the Hungarian truck leasing market.”
ADVERTISEMENT
Mapei Targets 6% Higher Revenue This Year
Parliament Negates Mandatory Membership in MOK
Number of Residential Developments in Cities Falls 9%
Veronika Spanarova Wins Expat CEO of the Year Award 2023
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
