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.
Deutsche Leasing
Über die Deutsche Leasing
The Deutsche Leasing Group is the solution-oriented asset finance partner for German SMEs. The company supports investment projects in Germany and abroad and offers a wide range of financing solutions (asset finance) and supplementary services (asset services) for fixed and current assets. In view of the major transformation issues of our time, the company supports its customers in financing change and innovation - whether for decarbonization, digitalization or sustainable infrastructure. Within the Sparkassen-Finanzgruppe, the Deutsche Leasing Group, as a central and internationally oriented partner, is the competence center for leasing, factoring and other alternative forms of financing. Within this network, the savings banks in Germany can offer their corporate and business customers advice or financing products specially tailored to the respective investment project as required. In its international business, Deutsche Leasing supports its customers from Germany in over 20 countries, including the most important export markets in Europe, China and the USA, as well as Canada and Brazil. For over 60 years, Deutsche Leasing has been facilitating investments in innovation and transformation for its SME customers in industry, trade, services and the public sector.
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