Financial Insights That Matter
grenke AG and INTESA SANPAOLO S.p.A. (ISP), Italy’s largest bank, have announced a strategic partnership to serve the Italian market for operating leases.
Under the agreement, by mid-2025 Intesa Sanpaolo Rent ForYou S.p.A. (RFY), a subsidiary of ISP, will be contributed in full to grenke Locazione S.r.L., grenke’s Italian subsidiary. In exchange, ISP will receive a 17% equity stake in grenke Locazione. In addition, the partners agreed on the collaboration with ISP’s branch network and its approximately 1.2 million business customers for the duration of the agreement. The shareholders will jointly assume the refinancing of future activities.
The partnership is still subject to the approval of the relevant authorities. The completion of the transaction is expected to take place by the end of the first quarter of 2025.
grenke’s business model, which focuses on small-ticket leasing for contracts with acquisition values averaging below €10,000, remains unchanged. The cooperation is designed to enhance the competitive position in this segment of both companies, drive growth, and increase their combined market share.
Dr Sebastian Hirsch, CEO of grenke, said: “The strengths and objectives of Intesa Sanpaolo and grenke complement each other perfectly, creating an excellent foundation for jointly leveraging our forces in a strategic partnership.”
In the past financial year, Italy generated new business of more than €400 million and was the third-largest market, after France and Germany, across the grenke Group’s operations spanning more than 30 countries. Future new business in Italy is expected to reach double-digit growth rates in the coming years.
#1a73e8;">Boost Your Financial Knowledge and Achieve Stability
Discover a growing online community dedicated to delivering financial news, tips, and strategies designed to help you manage money effectively, save smarter, and grow your investments with confidence.
#1a73e8;">Top Financial Tips for Saving and Investing
- Personal Finance Management: Master the art of budgeting, expense tracking, and building a strong financial foundation.
- Investment Opportunities: Stay updated on market trends, learn about stocks, and explore secure ways to grow your wealth.
- Expert Money-Saving Advice: Access proven techniques to reduce expenses and maximize your financial potential.