International car lessor Lease Plan
has announced plans to raise €1.5 billion (£1.3 billion) with the
launch of its online retail bank.
The Dutch lessor’s CFO, Guus Stoelinga, also told
Dutch TV channel RTL-Z the company expects it will need to borrow
more money through government guarantees.
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With institutional investors unlikely to provide
more finance, LeasePlan hopes the internet retail bank will plug
the gap. Because LeasePlan obtained a banking licence in 1993, all
it needs is a regulatory nod before starting the venture.
LeasePlan was the first Dutch company to borrow
under a state guarantee scheme. Since December 2008 it has issued
bonds for over €6.1 billion (£5.2 billion).
Last month, the lessor announced a German
investment company, Fleet Investment – owned by German banker
Friedrich von Metzler, would acquire 50 percent of its shares,
after two of its Gulf co-investors decided to divest their
stakes.
The remaining 50 percent is owned by
Volkswagen.
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