The leasing market, the financial market segment that boasted the fastest increase, will stay at the level of 2008 this year, states Andreas Obrist, the new general manager of UniCredit Leasing Corporation, the biggest leasing company.
"We're now waiting for our 2009 budget to be approved by the group and we expect our turnover to remain unchanged from last year, just like the entire market," says Obrist, 39.
He has been recently appointed at the helm of the company, replacing Septimiu Postelnicu, after the latter was promoted in the Italian group. Obrist is Austrian-born, but has been living in Romania for over ten years. Before being appointed general manager, he filled the position of risk officer with the company and ran HVB Leasing, a company that merged with UniCredit Leasing in 2006, thus creating UniCredit Leasing Corporation.
UniCredit Leasing has not disclosed the value of financing granted in 2008. In 2007, it had reached 500m euros.
"Equipment leasing, particularly equipment for infrastructure projects, will see the best performance in 2009. Even though there is a crisis going on, we still need bridges, highways, stations and airports. I believe there will be further significant investments in infrastructure," explains Obrist.
He expects the weight of equipment financing in the company's portfolio to rise, with the weight of car financing to go down. The real estate market, another important business segment for leasing firms, will rebound, says Obrist, and the correction it is now undergoing was necessary for a return to reality.
"The times when everything one touched in Romania turned to gold are gone. Many companies enjoyed a rapid success, but now it's time we understood accurate and realistic planning and a much better cost control are needed".
Andreas Obrist states the recent RON depreciation will slightly expand delays in instalment payment, but he is confident the NBR will intervene on the foreign currency market to stabilise the exchange rate. "Several years ago we experienced a rate of above 4 RON per euro and we operated further. It's a shock for everybody, but it's important for us to adapt. Those with very tight budgets will have a very hard time".
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