Grenke: Grenke and Intesa Sanpaolo unveil partnership

Leasing Life · Shutterstock.com In This Article: Grenke AG, a European provider of small-ticket leasing, has announced a strategic partnership with Italy's largest bank, Intesa Sanpaolo S.p.A. (ISP), to strengthen its position in the Italian operating leasing market. Under the agreement, Intesa Sanpaolo Rent ForYou S.p.A. (RFY), a leasing subsidiary of ISP, will be integrated into Grenke Locazione S.r.l., Grenke's Italian subsidiary, by mid-2025. In return, ISP will acquire a 17% stake in Grenke Locazione. The partnership will also establish economic cooperation between the two companies, leveraging ISP's extensive branch network and its approximately 1.2 million business customers. The shareholders will jointly manage refinancing for future operations. Subject to regulatory approval, the transaction is expected to close by the end of the first quarter of 2025. Grenke's business model, which focuses on small-ticket leasing with an average contract value below €10,000, will remain unchanged. Both companies aim to enhance their competitive position, drive growth, and expand market share through this collaboration. Commenting on the agreement, Grenke CEO Dr Sebastian Hirsch stated, "The strengths and goals of Intesa Sanpaolo and Grenke complement each other perfectly - the best prerequisites for joining forces in a strategic partnership." Italy is a key market for Grenke, ranking as its third-largest region by revenue after France and Germany, the company said in a press release. In the 2023 financial year, Grenke generated over €400 million in new business in Italy. The company expects double-digit growth in its Italian operations in the coming years. "Grenke and Intesa Sanpaolo unveil partnership" was originally created and published by Leasing Life , a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.