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DLL Group
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De Lage Landen International B.V. (DLL) is a global vendor finance company with almost EUR 40 billion in assets. Founded in 1969 and headquartered in Eindhoven, The Netherlands, it provides asset-based financial solutions[buzzword] in the Agriculture, Food, Healthcare, Clean technology, Construction, Transportation, Industrial Equipment, Office Equipment and Technology industries.
Key Information
DLL is a wholly owned subsidiary of Rabobank Group.
DLL is a credit institution under the Capital Requirements Regulation (CRR) and is a 100% subsidiary of the Coöperatieve Rabobank U.A. (Rabobank). DLL operates through local legal entities, which may conduct business using local licenses and under supervision of local regulators (e.g., DLL Finans AB in Sweden and Banco De Lage Landen Brasil S.A. in Brasil). For (part of) the business in Germany, Italy, Spain and Portugal, business is executed in branches of DLL where the passporting rights of DLL are leveraged. DLL holds 100% of the shares of its subsidiaries, except for “ joint ventures,” where DLL still controls the entities by having a majority in voting rights and economic interest.[1]
In 2013, DLL was ranked in the top five of European Leasing Companies and, in 2014, ranked first in the Top 25 Vendor Finance companies in the U.S.[2] Carlo van Kemenade is the Chief Executive Officer.[3]
History
[edit]DLL was founded in 1969 as De Lage Landen by Rabobank and Interpolis as a credit company.
For 2014 DLL reported a 10% growth of its portfolio to reach 34.5 billion Euro (42 billion USD) and net profit of 454 million Euro (602 million USD). This is a 13% increase compared to 2013.[4][5] In 2014, the company rebranded as DLL, along with a new logo.
EMEA (Europe, the Middle East and Africa)
[edit]- Started in 1969;
- Operating in 20 countries (Austria, Belgium, Denmark, Finland, France, Germany, Hungary, Ireland, Italy, Luxembourg, Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey, and the United Kingdom);
- 46.2% of DLL’s leasing portfolio is generated in EMEA (2020);
Americas
[edit]- Started in this region in 1998;
- Established in 8 countries (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru and the United States of America);
- 45.6% of DLL’s leasing portfolio is generated in the Americas (2020);
- USA Locations
- Wayne, PA
- Johnston, IA
- Duluth, GA
- Las Vegas, NV
Asia Pacific
[edit]- Started in this region in 2002;
- Established in 6 countries (Australia, China (including Hong Kong), India, Singapore, South Korea and New Zealand);
- 8.2% of DLL’s leasing portfolio is generated in Asia Pacific (2020);
Key moments in the company’s history
[edit]| 1969 | De Lage Landen is founded by Rabobank and Interpolis |
| 1982 | Introduction of operational leasing which became the basis for vendor finance |
| 1982 | Introduction of car leasing |
| 1987 | Expansion into Europe |
| 1989 | Introduction of the company color process blue |
| 1997 | Updated logo: De Lage Landen, partners in finance |
| 1998 | Expansion into North America |
| 1999 | Acquisition of Tokai Financial Services, a company that focuses on small-equipment financing[6] |
| 2002 | Expansion into South America and Australia |
| 2004 | Expansion into Asia |
| 2005 | Acquisition of Telia Finans, market leader Scandinavia in leasing IT and Office Equipment[7] |
| 2006 | Acquisition of Athlon Car Lease, an international car leasing company[8][9] |
| 2006 | Expansion into Central and Eastern Europe |
| 2007 | Launch of Freo online consumer finance in the Netherlands[10] |
| 2011 | Started Operations in India |
| 2014 | Renewed brand identity: DLL, financial solutions[buzzword] partner |
| 2016 | Sale of mobility entity, Athlon, to Daimler Financial Services |
| 2017 | Transfer of Dutch Financial Solutions business line to Rabobank |
2024 Proposed acquisition of elf leasing gmbh
References
[edit]- ^ "Pillar 3 Report 2021" (PDF). dllgroup.com. Retrieved 21 Oct 2025.
- ^ "Ranking of Top European Leasing Companies" (PDF). Leaseurope. Retrieved 16 June 2015.
- ^ "Carlo van Kemenade - Chief Executive Officer (CEO) and Chairman of the Executive Board". ED.nl. Eindhovens Dagblad. Retrieved 17 June 2015.
- ^ "DLL reports strong profits for 2014". DLL Group. Retrieved 16 June 2015.
- ^ "De Lage Landen Eindhoven boekt meer winst". ED.nl. Eindhovens Dagblad. Retrieved 17 June 2015.
- ^ "De Lage Landen to Buy Tokai's Leasing Arm". The Wall Street Journal. Dow Jones & Company, Inc. 9 March 1999. Retrieved 16 June 2015.
- ^ "TeliaSonera sells Telia Finans to De Lage Landen International B.V." GlobeNewswire (Press release). GlobeNewswire, Inc. 15 January 2004. Retrieved 16 June 2015.
- ^ "Athlon Car Lease maakt deel uit van De Lage Landen International B.V." Athlon Car Lease. Retrieved 23 June 2015.
- ^ "De Lage Landen wil Athlon overnemen". Trouw. De Persgroep Nederland. Retrieved 23 June 2015.
- ^ "Rabobank in online krediet". Trouw. De Persgroep Nederland. Retrieved 23 June 2015.
DLL Group
View on Grokipediafrom Grokipedia
DLL Group is a global asset finance company specializing in vendor financing solutions for equipment and technology across diverse industries, including agriculture, construction, healthcare, and transportation.[1] Founded in 1969 and headquartered in Eindhoven, the Netherlands, it operates as a wholly owned subsidiary of Rabobank Group, managing a portfolio of EUR 47.3 billion as of 2024 and serving clients in over 25 countries worldwide.[1][2]
DLL collaborates with equipment manufacturers, distributors, dealers, and end-users to provide customized financing options that support business growth, capital preservation, and liquidity management.[1] The company emphasizes sustainable practices, aligning its operations with the Paris Climate Agreement and integrating environmental and social responsibility into its core strategy to contribute to Rabobank's "Growing a Better World Together" vision.[1] With a focus on innovation in asset financing, DLL enables access to advanced technologies and equipment, playing a pivotal role in sectors like energy transition and food production.[1]
Overview
Founding and Ownership
DLL Group was founded in 1969 as De Lage Landen in Eindhoven, Netherlands, through a joint venture between Rabobank and Interpolis, initially concentrating on financing solutions for agricultural equipment to support local farmers.[3][4] This establishment positioned De Lage Landen as a pioneering entity in asset financing, aligned with Rabobank's cooperative banking model aimed at serving agricultural communities.[3] Over the subsequent decades, De Lage Landen evolved into a specialized provider of asset-based financial services, with Rabobank acquiring full ownership following its merger with Interpolis in 1990.[5] By the early 2000s, the company operated entirely under Rabobank's umbrella, focusing on leasing and vendor finance to bolster Rabobank's client base in equipment and technology sectors.[1] In 2014, De Lage Landen underwent a global rebranding to DLL Group, adopting a simplified name and updated logo to reflect its international scope and unified identity across operations.[6] Today, DLL Group remains a wholly owned subsidiary of Rabobank Group, with no independent public listing, ensuring integrated strategic alignment within the parent organization's financial ecosystem.[1]Global Presence and Scale
DLL Group maintains a significant global footprint, operating in more than 25 countries across three primary regions: EMEA, the Americas, and Asia Pacific. In EMEA, the company has a presence in over 15 countries, including the Netherlands, Germany, the United Kingdom, France, Italy, Poland, Spain, Sweden, Switzerland, and Ireland. The Americas region encompasses six countries, such as the United States, Canada, Argentina, Brazil, Mexico, and Chile, while Asia Pacific covers six markets, including Australia, India, New Zealand, Singapore, and South Korea. This distribution supports a diversified portfolio, with Europe accounting for 40% of the managed assets, the United States 39%, Canada 5%, Latin America 5%, and Asia Pacific 10% as of 2024.[7] Headquartered in Eindhoven, Netherlands, DLL Group employs an average of 5,797 full-time equivalents worldwide in 2024, reflecting a 4.5% increase from 5,548 in 2023 and growth beyond the approximately 5,000 employees reported in 2020. The company's key regional hub for the Americas is located in Wayne, Pennsylvania, facilitating operations across North and Latin America. These figures underscore DLL's scale as a leading vendor finance provider, with substantial staffing in major markets like the United States (1,665 employees) and the Netherlands (1,205 employees).[7][8] The managed portfolio reached €47.3 billion in 2024, up 7% from the previous year and a notable expansion from €34.9 billion in 2020, driven by post-pandemic recovery and contributions from all global business units. This growth highlights DLL's resilience and ability to scale operations amid economic challenges, such as those in Latin America due to environmental factors. With total net income rising 7.1% to €1.9 billion and net profit at €407 million, the company continues to strengthen its position in asset finance, prioritizing sustainable expansion across regions.[7]Operations
Sectors Served
DLL Group serves a diverse array of industries through its vendor finance model, providing asset-based financial solutions for equipment and technology acquisitions. This approach enables manufacturers, distributors, and dealers to offer integrated financing options at the point of sale, facilitating customer access to essential assets while supporting vendor sales growth.[1] The company's primary sectors include agriculture, where it finances farm equipment leasing to support sustainable farming practices; construction, focusing on heavy machinery for infrastructure projects; and energy transition, offering financing for renewable energy assets and efficiency solutions across the value chain. In the food sector, DLL provides funding for processing and supply chain equipment, while healthcare benefits from specialized financing for medical devices and diagnostic tools. Additional key areas encompass industrial manufacturing tools, technology including IT hardware, transportation for fleet vehicles and e-mobility, and workplace solutions such as office equipment.[9][10] DLL's vendor partnership model is exemplified by collaborations with leading manufacturers such as AGCO through AGCO Finance, which manages a significant portion of DLL's portfolio, and other partners in agriculture, construction, and beyond, allowing seamless financing integration into sales processes. These partnerships often involve joint ventures, such as AGCO Finance. Sector-specific adaptations include sustainable financing initiatives for energy transition projects, aligning with global decarbonization goals.[9][1] In terms of portfolio allocation, agriculture and food sectors, including AGCO Finance, represent approximately 50% of DLL's total assets under management as of December 31, 2024.[11] This diversified exposure, supported by global operations in over 25 countries, enables DLL to address varying regional needs across its sectors.[9]Financial Services Provided
DLL Group specializes in asset-based financial services, offering a range of tailored financing solutions designed to support equipment and technology acquisitions across various business needs. Its key offerings include vendor finance, which provides point-of-sale leasing options for equipment to manufacturers and dealers, enabling seamless integration into sales processes.[12] Commercial finance encompasses business loans for asset purchases, such as inventory finance and asset-based lending, allowing companies to optimize cash flow without depleting capital reserves.[13] Retail finance focuses on consumer hire purchase agreements, offering flexible payment plans at the point of sale to facilitate individual equipment ownership. Additionally, fleet management services combine vehicle leasing with maintenance and operational support to enhance efficiency for large-scale operations, while used equipment financing supports the acquisition and remarketing of refurbished assets to extend their lifecycle.[14] The service lifecycle at DLL Group begins with origination, involving rigorous credit assessment through specialized tools like consumer data-based scorecards and asset-specific evaluations to determine eligibility.[15] This phase ensures alignment with the financed asset's value and borrower's profile. Throughout the contract, ongoing monitoring maintains compliance and performance. At the end of the lease term, asset management options include buyouts for continued ownership, returns for remarketing or refurbishment, and recycling to promote sustainability, all handled through dedicated lifecycle services. DLL Group has introduced innovations to streamline operations, such as digital platforms including mobile applications, electronic documentation (eDocs), and application programming interfaces (APIs) for efficient processing of financing applications. In securitization, the company executed a major U.S. transaction in 2019, issuing $500 million in asset-backed securities to diversify funding sources and support portfolio growth. More recently, in January 2025, DLL closed a $750 million U.S. securitization backed by AGCO Finance assets.[16] Risk management practices emphasize portfolio diversification across asset types and geographies to mitigate exposure, alongside credit scoring models tailored to asset finance that incorporate collateral value as primary mitigation.[17] The Global Risk Committee oversees these efforts, integrating insurance and asset risk solutions from origination to ensure comprehensive protection.[18][19] These services are applied in sectors like agriculture for equipment financing, underscoring their versatility.[12]History
Early Development in Europe
Following its establishment in 1969 as a joint venture between Rabobank and Interpolis, DLL—originally known as De Lage Landen—initially concentrated on providing leasing services to Dutch agricultural clients, beginning with hire purchase agreements for equipment such as the Fiat 850S valued at 5,730 Dutch guilders.[20][21] By 1972, the company had expanded its offerings to include service leasing for commercial vehicles in collaboration with Rabobank, and in 1979, it secured its first operational lease contract for real estate, marking an early diversification beyond pure agricultural finance.[20] This period of domestic growth was supported by the 1982 merger of Raiffeisenbank and Boerenleenbank into Rabobank, which strengthened DLL's access to funding and client networks within the Netherlands.[20] DLL's European expansion commenced in 1987 with entry into Belgium, followed by Germany in 1988, where it obtained a banking license from the Dutch Central Bank (DNB) in 1988, enabling regulatory passporting to additional markets including Italy, Spain, and Portugal; DLL is supervised by both DNB and the European Central Bank.[20] The company entered the UK in 1989, Italy in 1991, Ireland in 1992, Spain in 1995, and Poland in 1996, establishing a multi-country presence that facilitated vendor finance programs for manufacturers and distributors across the region.[20] Key joint ventures during this phase included Translease in 1985 for operational car leasing and AGCO Finance in 1990 to support agricultural equipment financing in multiple European countries.[20][21] These initiatives built a robust European portfolio tailored to Rabobank's client base, particularly in agriculture and commercial sectors, with early introductions of operational leasing in 1982 serving as a foundation for broader asset-based financing.[20] In the 1990s, DLL deepened its consumer finance capabilities, integrating more closely with Interpolis in 1995 to enhance service offerings and adapting to evolving EU leasing regulations through its 1988 banking license, which ensured compliance across passported markets.[20] By 2000, the company had transitioned from a small operation with three employees in 1969 to a multi-country European entity with joint ventures like Schummel Cargobull AG, supporting Rabobank's international agricultural clients through expanded leasing and lending solutions.[20][21] This growth culminated in early consumer finance innovations, such as the 2007 launch of Freo, an online platform for personal loans and credit in the Netherlands, which built on the decade's foundational work in credit-scoring systems introduced in 1996.[20][21]Expansion to Americas and Asia Pacific
DLL Group's expansion into the Americas began in 1998 with the establishment of operations in North America, primarily focusing on the United States and Canada through subsidiaries such as DLL Finance LLC.[22] This entry leveraged the company's European base for initial funding while adapting to local markets by developing tailored financing solutions for sectors like construction equipment, where demand for flexible leasing options was high.[22] By the 2020s, the Americas region had grown to represent 45.6% of DLL's overall portfolio, driven by organic expansion and strategic local partnerships.[22] In the Asia Pacific region, DLL initiated activities in 2004, starting with Australia and Japan to capitalize on growing equipment finance needs in agriculture and manufacturing.[22] The company expanded further into India in 2011 via De Lage Landen Financial Services India Private Limited, emphasizing vendor partnerships for technology and healthcare equipment financing to align with rapid sectoral growth. This regional footprint reached 8.2% of the total portfolio by the 2020s, supported by customized products such as tech-focused leasing in Japan and construction financing in Australia.[22] Early challenges in these markets included navigating cultural differences in business practices and stringent regulatory environments, particularly in the U.S. where securitization requirements diverged from European leasing standards, necessitating adjustments in funding structures and compliance approaches.[22] In Asia Pacific, regulatory hurdles in India delayed full operational rollout until obtaining necessary financial licenses, while varying market maturity levels required localized risk assessments for vendor collaborations.Major Acquisitions and Rebranding
DLL's expansion strategy in the late 1990s and 2000s relied heavily on strategic acquisitions to enter new markets and diversify its offerings beyond traditional equipment financing. In 1999, De Lage Landen acquired Tokai Financial Services, Inc., a U.S.-based provider specializing in small-equipment financing, which broadened its indirect sales channels across the American market and supported entry into vendor partnerships with manufacturers like Sharp Electronics.[23] This move marked a pivotal step in scaling operations in North America, aligning with DLL's focus on asset-based solutions for technology and office equipment sectors.[24] Subsequent acquisitions targeted specialized segments to enhance geographic and product diversity. In 2004, DLL acquired Telia Finans AB, Sweden's leading leasing company for IT and office equipment in Scandinavia, integrating its operations to strengthen Nordic market presence in technology financing.[23] This acquisition facilitated standardized processes across covered countries and expanded DLL's portfolio in high-growth areas like telecommunications equipment leasing.[25] Two years later, in 2006, DLL acquired Athlon Car Lease International B.V., a prominent European provider of vehicle leasing and mobility solutions operating in eleven countries, adding over 100,000 vehicles to its managed fleet portfolio and diversifying into the automotive and fleet management segments.[26] The integration of Athlon enabled DLL to offer comprehensive mobility services, including full-service leasing for cars and commercial vehicles, thereby reducing reliance on industrial equipment financing. However, in 2016, DLL sold Athlon to Daimler Financial Services for €1.1 billion (US$1.2 billion), sharpening its strategic focus on global vendor finance.[21][27][27] In May 2024, DLL announced its intent to acquire elf Leasing GmbH, a German specialist in fleet and transport leasing with operations in Essen and Hanover, to further bolster its European mobility offerings and focus on the transport industry.[28] The transaction, valued as a share purchase agreement with Bankhaus Bauer, is subject to approval from Germany's Federal Financial Supervisory Authority (BaFin), enhancing DLL's position in the fragmented German leasing market.[29] A key milestone in DLL's corporate evolution occurred in 2014 with the rebranding from De Lage Landen to DLL Group, unifying its global identity under a simplified acronym and new tagline, "see what counts," to emphasize asset-focused financial solutions.[30] This shift coincided with robust financial performance, as the company's managed portfolio grew 10% to €34.7 billion (USD 46 billion) and net profit reached €454 million (USD 602 million), reflecting successful integration of prior acquisitions and expanded vendor partnerships.[31] The rebranding supported a more cohesive international strategy, streamlining operations across regions and reinforcing DLL's role as a vendor finance leader. These acquisitions collectively diversified DLL's portfolio into fleet management, consumer finance, and specialized IT leasing, mitigating risks in cyclical equipment sectors while driving scale through integrated sales channels. For instance, the Athlon acquisition not only added substantial vehicle assets but also introduced innovative mobility solutions that complemented DLL's core vendor financing model.[32] Following the 2014 rebranding, DLL accelerated growth through financial innovations and commemorative events. In 2019, the company completed multiple U.S. securitization transactions, including its largest asset-backed securities deal at $1.2 billion via DLL 2019-3, which optimized funding for equipment leases and demonstrated market confidence in its diversified assets.[33] That same year, DLL marked its 50th anniversary, celebrating its transformation from a Dutch leasing firm into a global vendor finance powerhouse with over 5,000 employees across 30 countries and a portfolio exceeding €30 billion.[3] These developments underscored DLL's strategic pivot toward sustainable scaling and innovation in asset finance.Leadership and Governance
Executive Leadership
Lara Yocarini serves as Chief Executive Officer (CEO) and Chair of the DLL Executive Board, a position she assumed in May 2024, succeeding Carlo van Kemenade.[34] With over 25 years of experience in finance, management consulting, and not-for-profit sectors across Europe, the United States, and Africa, Yocarini oversees DLL's global strategy, emphasizing sustainable growth and vendor partnerships in asset finance.[35] Under her leadership, DLL has advanced its sustainability initiatives, including expanded financing for green technologies, contributing to a 7% portfolio growth to €47 billion in 2024.[36] Mike Janse has been Chief Operating Officer (COO) and Executive Board member since May 2018.[37] Janse, who joined DLL in 2004, manages global operations, including process optimization and international expansions, drawing on his expertise in finance and operations across Europe and Asia.[38] His tenure has supported post-2019 operational efficiencies that facilitated DLL's portfolio expansion amid digital transformations.[9] Alp Sivrioğlu was appointed Chief Financial Officer (CFO) and Executive Board member effective November 1, 2025, succeeding Grégory Raison. Bringing extensive finance experience from ING and prior roles in banking, Sivrioğlu oversees DLL's global finance organization, managing the €47 billion portfolio and funding strategies.[39] This recent transition aligns with DLL's focus on financial resilience and innovation in asset-based financing.[40] Yke Hoefsmit holds the role of Chief Risk Officer (CRO) and Executive Board member since March 2021.[41] With nearly 20 years at Rabobank in risk management and relationship roles, Hoefsmit leads DLL's global risk framework, ensuring compliance and risk mitigation in diverse markets.[42] Her contributions have bolstered DLL's stability during the post-2019 growth phase, supporting sustainable portfolio expansion.[9] Neal Garnett was named Chief Commercial Officer (CCO) and Executive Board member in February 2023.[43] Garnett, with deep expertise in vendor finance and customer-centric strategies from prior leadership at Equipment Finance Advisor and other firms, directs DLL's commercial operations and vendor partnerships worldwide. He has driven initiatives enhancing customer experience and diversity in commercial teams, aiding DLL's achievement of nearly 1 million customers by 2024.[7] Iman Eddini serves as Chief Human Resources Officer (CHRO) and Executive Board member since September 2022.[44] Eddini, formerly Global HR Director at Rabobank, focuses on talent development, diversity, and inclusion, fostering a workforce of over 5,000 employees across 25 countries. Recognized with the 2025 HR Top 100 Vakjuryprijs for her HR leadership, she has advanced DLL's people strategies to support digital and sustainability goals post-2019.[45] Jasper van Tongeren joined as Chief Digital Officer (CDO) and Executive Board member in August 2025, expanding the board to seven members.[46] With a background in digital transformation from roles at ING and other tech-finance firms, van Tongeren leads DLL's digital agenda, including AI-driven financing tools and platform enhancements.[47] This appointment underscores DLL's commitment to accelerating digital initiatives amid recent leadership evolutions tied to innovation.[48] The Executive Board reports to Rabobank Group's oversight as DLL's parent company.[18] The team's diverse expertise in asset finance has been instrumental in DLL's strategic direction, emphasizing sustainability and digital progress since 2019.[9]Corporate Structure and Rabobank Relationship
DLL Group operates as De Lage Landen International B.V., the holding company for its global network of business units and country organizations, functioning as a 100% subsidiary of Rabobank Nederland within the Rabobank Group.[18] The Executive Board, consisting of seven members, collectively manages the company's strategy, risk appetite, and operations, while reporting to and being supervised by a four-member Supervisory Board that includes representatives from Rabobank and external experts.[7] This structure ensures alignment with Rabobank's oversight, including approval of major decisions such as strategy and budgets, and exemption from standalone financial reporting under Dutch Civil Code Article 403, Section 9, due to full consolidation into Rabobank's financial statements.[18] Regionally, DLL is organized into five key areas—Asia Pacific, Canada, Europe, Latin America, and the United States—supported by matrix teams that integrate global functions headquartered in Eindhoven, Netherlands, with local operations for agility and market responsiveness.[9] As a wholly owned subsidiary since its full acquisition by Rabobank, DLL benefits from deep strategic integration, including access to Rabobank's funding mechanisms that provide low-cost capital, such as €6,396 million in short-term loans and €33,035 million in long-term loans in 2024, alongside liquidity management through Rabobank Treasury.[7] This relationship positions DLL as a strategic pillar of Rabobank's international operations since 2022, enabling shared initiatives like the Aqua partnership for enhanced customer experiences and blended finance models.[9] DLL aligns with Rabobank's cooperative principles, emphasizing stakeholder value, food and agriculture focus, and a partnership mentality that supports sustainable growth and risk-balanced profitability.[49] Governance at DLL adheres to the Dutch Banking Code and EU financial regulations, including the Capital Requirements Regulation (CRR) and Capital Requirements Directive (CRD), with supervision by the Dutch Central Bank and the European Central Bank.[9] Risk management is overseen by the Executive Board and Supervisory Board, supported by specialized committees such as the Global Risk Committee, Asset Liability Committee (ALCO), and Local Credit Committees, which set and monitor risk appetite, including quantitative limits on ESG-related exposures like emissions.[18] ESG practices are integrated into operations through a dedicated Sustainability & Environmental Standards Committee and Sustainable Asset Review Committee, aligning reporting and sustainability goals—such as Paris Agreement targets and circular economy initiatives—with Rabobank's broader framework, including double materiality assessments and financed emissions tracking.[9] Key subsidiary entities include DLL International B.V., which holds the Dutch banking license and enables passporting to select EU countries; DLL Ireland DAC for treasury functions; DLL RE DAC for reinsurance; and AGCO Finance S.A.S., in which DLL holds a 51% stake.[9] In the United States, DLL Finance LLC serves as the primary operational entity, handling vendor finance and asset-based solutions.[50] These subsidiaries maintain operational independence in day-to-day activities, such as local credit decisions and market-specific product approvals, while remaining subject to group-wide oversight from the Executive Board and Rabobank's supervisory structures to ensure compliance and strategic consistency.[18]Key Developments
Financial Milestones
DLL Group's financial performance has demonstrated steady growth in its managed portfolio and profitability, driven by strategic vendor partnerships and operational efficiencies. In 2014, the company reported a 10% increase in its managed portfolio to €34.5 billion, alongside a net profit of €454 million, reflecting robust expansion in asset-based financing amid recovering global markets.[31][51] A key milestone in capital market access came in 2017 with the completion of DLL's inaugural U.S. securitization transaction, DLL Securitization Trust 2017-A, totaling $501.5 million backed by a pool of equipment loans and leases. This deal, which included notes rated from A-1 to BBB, marked an important step in diversifying funding sources and supported ongoing portfolio expansion.[52] By 2019, the portfolio continued to grow, with new business volume reaching €26.8 billion and net profit at €297 million, underscoring resilience in core sectors like agriculture and industrial equipment.[53] The COVID-19 pandemic posed significant challenges in 2020, leading to a slowdown in new business and a sharp rise in credit impairments to €409 million, nearly double the prior year, as economic disruptions affected customer sectors. Despite this, the portfolio grew modestly to €34.9 billion, and net profit stood at €180 million, supported by strong underlying asset performance and risk management. A robust rebound followed in 2021, with portfolio expansion to €37.4 billion and net profit surging to €586 million, fueled by pent-up demand and renewed vendor collaborations.[54][23][55] Post-recovery growth accelerated, with the portfolio reaching €40.6 billion in 2022 (an 8.5% increase from 2021) and net profit at €343 million, despite lingering market volatility. In 2023, these figures advanced further to €44.3 billion in portfolio size (9.2% growth) and €438 million in net profit, bolstered by global business unit contributions and sustainable financing initiatives. The trajectory continued into 2024, as the portfolio expanded 7% to €47.3 billion and net income rose 7% to €1.9 billion, though net profit dipped slightly to €407 million due to regional challenges in Latin America; digital efficiencies, including over 330,000 new retail contracts, enhanced profitability margins.[56][57][2][58] Overall, from 2014 to 2024, the portfolio grew from €34.5 billion to €47.3 billion, achieving a compound annual growth rate (CAGR) of approximately 3.2%, primarily through vendor partnerships that accounted for the majority of new business volume across equipment and technology sectors. By the end of 2024, the portfolio reached €47.3 billion, with ongoing digital transformations driving improved operational profitability as highlighted in recent annual reports.[36]| Year | Portfolio (€ billion) | Net Profit (€ million) | Key Note |
|---|---|---|---|
| 2014 | 34.5 | 454 | 10% portfolio growth |
| 2019 | 36.2 | 297 | New business €26.8 billion |
| 2020 | 34.9 | 180 | COVID-19 impairments impact |
| 2021 | 37.4 | 586 | Post-pandemic rebound |
| 2022 | 40.6 | 343 | 8.5% portfolio increase |
| 2023 | 44.3 | 438 | 9.2% portfolio growth |
| 2024 | 47.3 | 407 | 7% portfolio expansion; net income €1.9 billion |