OREANDA-NEWS. October 19, 2012. Once UAB Investiciju ir verslo garantijos (INVEGA) and UAB Ukio banko lizingas, a leader in the consumer lease market, have signed a cooperation agreement concerning leasing guarantees, from now on Ukio banko lizingas clients may take advantage of leasing for acquiring new production equipment and facilities  with INVEGA leasing guarantee, reported the press-centre of Ukio Banko.

“We are happy that the number of leasing companies cooperating with INVEGA is increasing. We aim to offer more possibilities to small and medium-sized enterprises that would help to improve financing of their business,” Andrius Zabotka, INVEGA Director General said.

“We continuously aim to offer the most favourable service conditions to our clients. From now on business enterprises will also be able to acquire equipment and modernise their production facilities via Ukio banko lizingas under yet more favourable conditions by using INVEGA guarantee. We believe this will encourage our business clients to more actively implement investment projects and will promote business development,” UAB Ukio banko lizingas Director General Mindaugas Valancius said.

Due to this cooperation with INVEGA, when financing investments through leasing, Ukio banko lizingas clients will be able to use the maximum guarantee, up to LTL 5 million, the amount of which will have to account for no more than 60 per cent of the price of the leased property. The enterprises having taken advantage of the guarantee will also be able to use partial compensation for interest on leasing financing.

INVEGA undertakes to make payment to a leasing company against the leasing guarantee issued, if a leasing company fails to recover the full leasing amount from the leased property, leasing recipient and other submitted instruments securing the repayment of the leasing amount in the event of leasing recipient’s bankruptcy or cessation of activities.

According to the data of the Association of Lithuanian Banks, on 31 August 2012 Ukio banko lizingas held 63 per cent of the consumer leasing market. UAB Ukio banko lizingas, a subsidiary of Ukio bankas, was established in 1997.