EFG Eurobank Leasing, a non-bank financial institution owned by the EFG Greek financial group, in the first four months of this year financed goods worth 48m euros, 152% more than in the same period of 2006.
"The increase can be explained for by the growth strategy we embraced, and by our pro-active spirit and innovative products. Thus, EFG has from the very beginning focused on the customer segment of medium and large companies, and now boasts a portfolio of 700 customers, of which more than half are companies with annual turnovers exceeding 3m euros," Sorin Manolescu, general manager with EFG Eurobank Leasing, told ZF.
Another factor that helped the company generate growth above the market level, estimated at 32% for this year, was a concerted effort focusing on sectors with high-growth potentials, in particular those of industrial, constructions and real estate.
"Nevertheless, the range of financed assets is very large, from vehicles of all types to industrial, constructions, medical, hi-tech equipment and many more," added Manolescu.
Of the total assets EFG Eurobank Leasing financed, the vehicle segment accounted for 57%, equipment leasing accounted for 28% and real estate leasing for 15%.
"The most significant increases were registered in the equipment and real estate sector owing to our collaboration with renowned importers working on the Romanian market, and to the launch of a real estate product with a possible duration of 20 years of financing, a unique product domestically," explained Manolescu.
EFG Eurobank Leasing follows the general trend of the overall market of favouring equipment and real estate leasing over vehicle leasing. Thus, motor leasing contracts last year accounted for 75% of the overall value of market assets (2.35bn euros), while industrial equipment leasing accounted for 20% (625m euros).
Real estate leasing doubled its level on the overall leasing market, from 2.4% in 2005 to 5% in 2006, considering the leasing market last year soared by 62% to 3.26bn euros.
"For 2007, we plan to double last year's production, namely to finance goods worth 150m euros. We'll further promote real estate leasing, which we want to become a core product for the company," stated Manolescu.
EFG Eurobank Leasing is not the only domestic company to have decided to focus on real estate leasing this year.
Other players with the same strategy are UniCredit Leasing Corporation (created by the merger of UniCredit Leasing and HVB Leasing), BCR Leasing, Raiffeisen Leasing, Credit Europe Leasing and Piraeus Leasing.
In terms of its presence, EFG Eurobank Leasing plans to expand from 4 regional representatives to 7 by the yearend. "The launch of a retail product is another target we've set for this year, towards which we've already taken the first steps," Manolescu added. EFG Eurobank Leasing is part of the same financial group as Bancpost, both being controlled by EFG of Greece.
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