International car lessor LeasePlan has announced plans to raise
€1.5 billion with the launch of its online retail bank.
The Dutch lessor’s CFO, Guus Stoelinga, also told Dutch TV
channel RTL-Z that the company expects that it will need to borrow
more money through government guarantees.
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With institutional investors unlikely to provide more finance,
LeasePlan hopes that the internet retail bank will plug the gap.
Because LeasePlan obtained a banking license 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.
Last month, the lessor announced that a German investment
company owned by German banker Friedrich von Metzler, Fleet
Investment, 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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