UniCredit Leasing and HVB Leasing, leasing subsidiaries of UniCredit Group in Romania, are about to start the merger process. The merger will create the largest leasing company in Romania, with 14% market share and total assets to exceed EUR 500 million at the end of 2006. The joint product portfolio will include car leasing, equipment leasing, corporate and residential real estate leasing as well as insurance brokerage and construction management.
As a first step, the members of the future Managing Board of the merged entity have been designated. The nominations are now subject to approval by the local authorities.
The newly appointed Managing Board will have three members: Edith Tarcolea (currently UniCredit Leasing), Andreas Obrist (currently HVB Leasing) and Septimiu Postelnicu (currently HVB Leasing).
Septimiu Postelnicu, currently Managing Director of HVB Leasing has been appointed Chief Executive Officer (CEO) of the future leasing entity. Melih Mengu, currently President & CEO of UniCredit Leasing Romania will take over new responsibilities in the Group.
Until the merger is completed, the designated members of the new Board will keep their current functions in HVB Leasing and UniCredit Leasing respectively.
The planned merger of the two leasing companies is subject to all relevant corporate and regulatory approvals. During the integration process, HVB Leasing and UniCredit Leasing will continue to operate independently.
