STLC and VEB-Leasing to be consolidated into Unified Leasing Company
It is one of the four optimization activities planned by RF Government
In pursuance of the presidential instructions, the Government of the Russian Federation will conduct optimization of development institutions, Prime Minister Mikhail Mishustin has said today, 23 November 2020, at the meeting with Deputy Prime Ministers. According to the official website of RF Government, one of the four optimization activities will be the integration of State Transport Leasing Company (STLC) and VEB-Leasing into Unified Leasing Company.
“There is an idea to consolidate some development institutions through integration of the ones with the same functions. Two leasing companies, STLC and VEB-Leasing, will be consolidated into a Unified Leasing Company,” said Mikhail Mishustin.
The State Transport Leasing Company (GTLK) is Russia’s largest player in the lease market. It leases out aircraft, vessels, rail transport, road vehicles and special equipment to domestic transport enterprises and invests in the development of Russia's transport infrastructure. The company's sole shareholder is the Russian Federation represented by the Ministry of Transport. GTLK holds double-B ratings from Fitch Ratings и Moody’s agencies and an A+(RU) national rating from ACRA. As of 30 June 2019, leasing portfolio of GTLK totals RUB 900 billion.
As major shipbuilding and shipping industries’ stakeholders told IAA PortNews, there are three financial institutions which are the most active investors in construction of new ships – STLC, Mashpromleasing (a captive company of USC) and VEB-Leasing. According to them, with USC and VEB-Leasing being under sanctions, the new financial structure will run the risk of falling under sanctions as well.
