The sports car manufacturer Porsche is revamping its leasing operations in Switzerland. The company announced the changes in a press release on Tuesday.

Effective immediately, Porsche Financial Services Schweiz (PFSCH) will manage its leasing business directly — with operational support from Amag Leasing as an outsourcing partner.

Leasing with Bank-now Since 2008

Since 2008, Bank-now — a specialist in consumer credit and leasing that joined UBS Switzerland through the Credit Suisse acquisition — had been responsible for Porsche's leasing operations in Switzerland.

The restructuring marks a strategic shift: PFSCH will now bring the leasing business onto its own balance sheet and take over key parts of the value chain itself. This move aims to provide greater flexibility in meeting customer preferences and dealer needs.

Tailored and Flexible Solutions

The company expects more leeway to respond to the rapid changes in the automotive industry — particularly those stemming from the transition to electric mobility and advancing digitalization — through new offerings and financing models.

«With this strategic realignment, we are strengthening our resilience in an increasingly demanding market environment,» said Dino Minutolo, Managing Director of PFSCH, in the press release.

Independent Product Design

Having autonomy over leasing operations allows for independent product development and closer integration with dealers. Porsche will rely on the expertise of Amag Leasing to handle back-office tasks and contract processing going forward.

As a result, Bank-now loses a high-profile client. The bank declined to comment on the financial impact of Porsche's departure: «Beyond its annual report, Bank-now does not provide information on current business developments,» the bank’s external communications team told finews.com in response to an inquiry.

Leasing Volume Unclear

The bank pointed out that it continues to work «with various strategic partners» in vehicle financing. «Additionally, Bank-now collaborates with brand-independent garages and large dealer groups.»

Porsche also remained tight-lipped about the volume of its leasing business or the future structure of its financing: «As a rule, we do not comment on details of capital structure or volumes.»

Silver Lining

There is at least one consolation for UBS Switzerland: Porsche Financial Services’ credit card business — which was restructured last year (as previously reported by finews.com) — remains with UBS.

Bank-now is a wholly owned subsidiary of UBS Switzerland.

CHF 73 Million Dividend to UBS Switzerland

For the 2024 fiscal year, the bank reported total assets of just over CHF 5 billion, equity of CHF 416,3 million, and an operating profit of CHF 39,5 million.

By drawing CHF 43 million from statutory retained earnings, the bank was able to distribute a CHF 73 million dividend to UBS Switzerland.