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.”