Deutsche Leasing has sold its subsidiary in Russia, Deutsche Leasing Vostok. Deutsche Leasing Vostok is entering into a management buy-out transaction with the involvement of a financial investor. Binding documentation has been signed in Q1 2023. The closing and settlement of the transaction have already been completed following receipt of approval from the relevant government authorities.
"Exiting the Russian market is a consistent step for us. Our business model is focused on co-operations with international manufacturers. The prerequisites for this model are no longer met," said Kai Ostermann, CEO of Deutsche Leasing AG.
The required depreciation resulting from the sale amounts has already been processed in the balance sheet in financial year 2021/22.
As already announced on March 4, 2022, Deutsche Leasing has suspended new business in Russia from March 2022 until further notice. Deutsche Leasing had been represented in Moscow and St. Petersburg by Deutsche Leasing Vostok AG since 1999. Its primary business involved the financing of medium-sized Russian companies for equipment purchases in cooperation with international manufacturers.
"We are satisfied with the result under the given circumstances. The conditions for the development perspective for our colleagues on site are provided," Georg Hansjürgens, Management Board member of Deutsche Leasing AG, continues.