grenke and INTESA SANPAOLO form strategic partnership in Italy

EQS-News: grenke AG / Key word(s): Alliance grenke and INTESA SANPAOLO form strategic partnership in Italy 28.01.2025 / 15:07 CET/CEST The issuer is solely responsible for the content of this announcement. grenke and INTESA SANPAOLO form strategic partnership in Italy

• Cooperation aims to accelerate further expansion in the Italian market

Baden-Baden, January 28, 2025: grenke AG, the market leader in Europe for small-ticket leasing, and Italy’s largest bank, INTESA SANPAOLO S.p.A. (ISP), today 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 EUR 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: “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 EUR 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.