Tuesday, June 6, 2023

Ibercaja reorganizes its ‘leasing’, ‘renting’ and consumer financing business

Ibercaja will not stop carrying out leasing activities, since this will be integrated into the bank’s own structure.

In addition, the business will be provided through a new company created for this purpose. In this sense, the partial spin-off plan, dated November 2022, means that formal leasing operations have been carried out until the partial spikes will remain effective in Ibercaja LEASING until maturity. For this, it will maintain the necessary resources and human resources.

However, since the spin-off has been granted by the Ministry of Economic Affairs and Digital Transformation and registered in the Mercantile Registry, there will be no new leasing operations by Ibercaja Leasing and its name and corporate purpose will be unchanged.

In this way, Ibercaja Leasing will only remain active as a financial credit institution so that it can, eventually in the future, be a vehicle for Ibercaja’s consumer financing activities, including the granting of mortgage loans and commercial profits.

In the project, according to documents consulted by the European Press, the bank explains the objectives of the particular spin-off the achievement of synergies in the commercial, management and control fields. Thus, it affirms that the integration of leasing activity in Ibercaja can be included in the credit admission, monitoring and recovery circuit that the bank has, as well as the lifting of leasing activity in the entity’s commercial facilities.

The Bank also intends to obtain greater efficiency in the implementation of procedures, optimizing costs and administrative processes as a reference to care for bodies; and the activity of leasing and the granting of credit are jointly explained, “that both operations are analogous or complementary in themselves and that they have the same recipients of their trade.”

The event indicated that this organization is in several entities in the sector and that the operation is similar to the one carried out in 2017, relying on the internal private action, which until then was carried out by Ibercaja Patrimonios.

According to information collected by the Bank of Spain in the primary public financial statements of credit institutions, Ibercaja Leasing y Financiación achieved a net profit of 4.09 million in 2022, 21.56% less than in 2021. the margin for its share fell to 4.90%.

To balance, the financial company closed 2022 with a volume of credits of 482.04 million coins, which represents an increase of 5.57%.

World Nation News Desk
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