Banks, Estonia, Financial Services
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Thursday, 28.03.2024, 11:52
Estonia's Inbank acquires 100% ownership in subsidiary Inbank Liising AS
Jan Andresoo, chairman of the management board of Inbank,
said the main goal of the transaction was to improve the focus of Inbank
Liising and standardize the product.
"We want to develop our products internationally and we
found that fulfilling this goal would be easier as a sole owner," Andresoo
said.
"At the beginning of our cooperation, we agreed on a
three-year partnership, and this year, the time has come to make future plans.
We would like to thank Fairown Finance for their excellent cooperation in
developing solutions for financing companies, and we are glad to say that our
cooperation will continue in the future," Andresoo said.
Inbank Liising was established in April 2016 with the goal
of providing full service leasing for small and medium-sized enterprises which
would include the lease, maintenance and insurance of equipment.
"An increasing number of companies prefer to acquire
necessary equipment, from computers to agricultural machines, by using full
service leasing because this way, they will not have to worry about insurance
or subsequent sale of the asset. Therefore, we wish to offer attractive leasing
solutions that would help facilitate growth in the sector of B2B customer
financing," said Andresoo.
In 2018, the size of the loan portfolio of Inbank Liising
was 1.9 mln euros and the company earned 70,000 euros of profit.
Inbank started its banking activities in 2015 and provides
its services through its internet bank and partner network. Inbank is active in
the markets of Estonia, Latvia, Lithuania, and Poland. In addition, foreign
deposits are gathered from Germany and Austria.