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June 1, 1988

CHASE REFUGEES FORM INTERNATIONAL LEASING Co IN LONDON WITH US, JAPANESE BACKING

By CBR Staff Writer

Lech Szamocki, former chief executive of Chase Manhattan’s European Leasing Company, yesterday formally inaugurated the International Leasing Company – ILC – along with eight of his former colleagues. The ILC Group has received UKP6m in backing from LFC Financial Corp of Philadelphia and the Japanese Leasing Corporation of Tokyo, and will concentrate on computer, medical and printing equipment. On the computer side the company says that it has reached leasing agreements with a number of hardware manufacturers, but refuses to reveal any identities at this stage. Lech Szamocki set up Chase’s European leasing company seven years ago and it now employs 100 people and works with over 30 computer hardware manufacturers, most of whom will undoubtedly be hearing from him in the near future. He says the company will specialise in what he calls vendor programmes; meaning that ILC will organise financing packages on the manufacturers’ behalf as part of the leasing package. ILC believes that having Japan’s largest leasing company as a backer will prove a major advantage. The Japanese Leasing Corporation is a lessor for most of the major Japanese computer manufacturers and will undoubtedly provide the new company with the right Japanese connections. The Group has set up operations in Paris, Milan and London and aims to become Europe’s number one leasing company – but it has a long way to go yet as it is still looking for a London headquarters, probably somewhere in Hounslow. A Stock Exchange flotation is in the plan for five years’ time.

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