Getin buys into developing Russian leasing company

Getin Service Provider, a company controlled by Leszek Czarnecki, the founder of the largest national leasing company EFL, will acquire a 49% stake in leasing company Carcade Russia. On June 4, Getin signed an agreement to acquire 7.7% of the company's shares. "All the money received from Getin will be spent on developing the company," said Carcade Russia president Konrad Dubelski. The company has been active since 1996 and its headquarters are located in Kaliningrad, with outlets in Moscow, and soon to open branches in St. Petersburg. Carcade's own capital amounts to $800,000. According to Dubelski, the company's 2002 turnover was $4.5 million, thanks to leasing cars, machines and equipment mainly through its Moscow subsidiaries. He added that last year 40% of the company's portfolio comprised car leasing contracts. "This share should increase to 70% in the future," assured president Dubelski. (Rzeczpospolita, June 7-8, p. B5) M.M