The Grenke Leasing Group has announced a new
business volume of €325.6 million for the first six months of 2010,
some 42.5 percent greater than 2009’s corresponding H1 volume of
€228.5 million.
Based on the strong result, the group has
revised its new business target upward, hoping to achieve a 20
percent increase on 2009’s total. High demand for lease finance and
low levels of competition were listed as drivers for growth at
present.
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Making this expansion possible has been
Grenke’s continued acquisition of funding, despite the shortage of
refinancing opportunities afflicting the German leasing sector. In
June, the group successfully placed a €100 million bond, which was
subsequently oversubscribed by 20 percent.
Another factor in Grenke’s half year result
has been the increasing importance of the group’s international
business – while business written outside of Germany made up only
46.8 percent of volumes in H1 2009, this figure now stands at 59.4
percent.
Grenke’s biggest foreign markets are Italy,
France and England, while Q2 saw it establish a fourth office in
Italy and a second in its new Portugese franchise.
Fred Crawley
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