Ibercaja has announced the reorganization of its subsidiary Ibercaja Leasing, which it controls 100%, and which implies that the financial company stops carrying out the leasing and renting activities that it had been carrying out up to now, and that it only dedicates itself to the consumer finance business.
Ibercaja will not stop carrying out the leasing activity, since this will be integrated into the bank’s own structure.
In addition, the leasing business will be provided through a new company created for this purpose. In this sense, the partial spin-off project, dated November 2022, specifies that the leasing operations formalized until the partial spin-off is effective will remain in Ibercaja Leasing until maturity. For this, it will maintain the necessary material and human resources.
However, once the spin-off has been authorized by the Ministry of Economic Affairs and Digital Transformation and has been registered in the Mercantile Registry, no new leasing operations will be formalized through Ibercaja Leasing and its name and corporate purpose will be modified.
In this way, Ibercaja Leasing will only remain active as a financial credit establishment to be able, eventually in the future, to be a vehicle for Ibercaja’s consumer financing activities, including the granting of mortgage loans and financing of commercial transactions.
In the project, the bank explains that the objectives of the partial spin-off are to achieve synergies in the commercial, management and regulatory fields. Thus, it affirms that integrating the leasing activity in Ibercaja will allow this activity to be included in the credit admission, monitoring and recovery circuits that the bank has, as well as leveraging the leasing activity in the commercial capacities of the entity.
The bank also intends to obtain greater efficiency in carrying out the activity, by optimizing costs and administrative procedures such as reporting to supervisory bodies; and develop the leasing activity and the granting of credit jointly, “given that both activities are in themselves analogous or complementary and have the same recipients of their commercialization.”
Reorganization in the line of the sector
The entity has indicated that this reorganization is in line with most entities in the sector and that it is an operation similar to the one carried out in 2017 , when it internalized the private banking activity that, until then, it carried out through Ibercaja Patrimonios .
According to the information collected by the Bank of Spain in the primary public financial statements of credit financial institutions, Ibercaja Leasing y Financiación obtained a net profit of 4.09 million euros in 2022 , 21.56% less than in 2021. Interest margin, for its part, fell by 4.90%.
Regarding the balance sheet, the financial company closed 2022 with a volume of loans of 482.04 million euros , which represents an increase of 5.57%.