Bank leasing 800m euros in 2005

The members of the Bank Leasing Association (ALB) have forecast their level of funding of acquisitions for this year at 806 million euros, 50% higher than the 544 million euros seen in 2004, said ALB chairman Melih Mengu. Total contracts concluded by association members last year show an 81% growth on 2003. “The economic growth of 2004 was also reflected in leasing operations, which developed strongly, confirming leasing’s position as a complementary financial product and competitor to banking products,” Mengu explained. The leasing market in Romania was worth 1.4bn euros last year, half of which was derived from leasing companies controlled by banks. The captive and independent companies accounted for 33% and 17% of the market respectively, Mengu added. According to data from the association, nine members of the association together accounted for around 75% of the total volume of contracts funded by leasing companies in Romania. ZF