Polish financial group Getin Holding recently agreed to buy Austria’s VB Leasing's Polish and Romanian subsidiaries for some EUR 38.8 million, the Polish group announced.

Of this amount, some EUR 12.3 million will be paid for the Romanian subsidiary. The final price for the Romanian subsidiary however may differ depending on the financial statements for 2013 and on the paid dividends.

Getin is already present in Romania, where it controls the Romanian International Bank (RIB).

The buyer agreed to cover the subsidiaries’ debt to VBLI Group companies, some EUR 655 million for the Polish subsidiary, and some EUR 109 million for the Romanian one.

"The transaction should be finalized in the next three months and the units should be consolidated in the third quarter," Getin Holding's Chief Executive Officer Rafal Juszczak (pictured) said.

The deal was closed between Getin Holding and VB Leasing International Holding GmbH based in Vienna, Austria. Via the deal, Getin will also indirectly control Romanian insurance broker VBL Broker de Asigurare.

In addition, Getin’s banks Idea Bank and Romanian International Bank will buy loan portfolios from VB Leasing's units, for an undisclosed amount.

VB leasing Romania is among the top 6 leasing companies in Romania, and runs seven branches, according to Getin. The Polish subsidiary has three branches and 13 units, and employs 120 people.

The full report announcing the terms of the deal is here (in pdf, in English). 

Last year, Getin Holding took over the lender Romanian International Bank (RIB), from Americans Daniel and Florina Roberts.

The bank, which used to be controlled by Roberts and his former wife Florina, each with 44.7 percent of the shares, has a market share of 0.12 percent by assets.

Corina Chirileasa, corina@romania-insider.com