Porsche

With the financial crisis thwarting Porsche’s attempts to acquire Volkswagen, many of its banks baulked at providing fresh finance. Not so NIBC: we stepped up with a structured loan that was tailor-made to the carmaker’s needs, and adapted it as those requirements changed.

 

 

NIBC put itself in the client’s shoes from the first meeting with Porsche. We took a can-do attitude to propose a novel solution as soon as we heard the client’s complex financial challenge. That soon won us an advisory mandate, followed by an innovative asset-backed deal: a loan backed by a large number of lease contracts for Porsche Boxters, 911s, Cayennes and Panameras.

 

“For us, NIBC is a trustworthy business partner which always strives for solutions that are workable for both parties,” says Konrad Riedl, CFO of Porsche Financial Services.

 

Crucially, we thought as entrepreneurs, looking ahead to see the opportunities or challenges of the proposed approach. During the process, Porsche came back to us three times with slightly changed wishes. Each time, we revised the deal structure to meet the client’s evolved needs.

  

The successful transaction closed in October 2009. NIBC already has a pipeline of more work for Porsche, and is well placed to cooperate with the iconic sports car manufacturer’s new owner – Volkswagen.