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Austria-based Bawag to acquire German specialty finance firm BFL Leasing

Austria-based Bawag Group AG agreed to acquire 100% of Germany-based BFL Leasing GmbH, a specialty finance company, from BFL Gesellschaft des Bürofachhandels mbH & Co. KG, which is majority owned by VR-Leasing AG.

Financial details of the transaction, which is subject to regulatory approval, were not disclosed.

BFL Leasing employs about 75 people and reported total assets of about €600 million at the end of 2017.

Bundesverband der Deutschen Volksbanken und Raiffeisenbanken eV is the ultimate parent of VR-Leasing.