NLB signs agreement to acquire Summit Leasing

LONDON, UK: Nova Ljubljanska Banka, d.d. Ljubljana (NLB) has entered into a sale and purchase agreement to acquire a 100% shareholding in SLS HOLDCO, holdinška družba, d.o.o., the parent company of Summit Leasing Slovenija d.o.o., and its subsidiaries from funds managed by affiliates of Apollo Global Management Inc. and the European Bank for Reconstruction and Development (EBRD).  

Summit Leasing is a leading provider of auto finance in Slovenia. As of 30 September 2023, Summit Leasing had consolidated gross receivables of c. EUR 890 million, which included EUR 635 million related to the used and new vehicle segments in Slovenia and, through its wholly owned subsidiary Mobil Leasing d.o.o., gross lease receivables of c. EUR 120 million in Croatia.

Summit Leasing is also a leading provider of point-of-sale consumer finance in Slovenia, recording c. EUR 95 million gross receivables as of 30 September 2023. 

Summit Leasing has a vast network of over 750 dealers in Slovenia and Croatia, as well as over 550 points-of-sale in consumer finance in Slovenia. At the end of 2022, Summit Leasing managed c. 140,000 outstanding financing contracts with over 110,000 customers.

The consideration for the transaction represents a modest premium to the book value of Summit Leasing. Subject to the development of the business up until completion, the acquisition is expected to increase NLB’s risk weighted assets by approximately EUR 700 million, comfortably within EUR 4 billion tactical capacity for M&A.

Cost and funding synergies are expected to ensure that the transaction is earnings accretive from the first full year of acquisition, with full realisation of cost synergies targeted within a period of approximately 18 months from completion.

Completion of the transaction is subject to regulatory and anti-trust approvals and is planned for the second half of 2024.

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