BT Leasing marks 30 years in business this year. To mark the occasion, the company’s CEO, Ionuț Morar, gave an anniversary interview to Capital, discussing the early days, challenges, acquisitions, digitalization and strategic priorities for the years ahead. Read the full interview below:


BT Leasing is celebrating three decades of activity this year – what is the secret to your longevity? How has the leasing market evolved over these 30 years?

Over 30 years we have gone through several economic cycles, crises, legislative changes and technological transformation. Our longevity rests on a combination of customer care, financial prudence and the ability to adapt quickly. We stayed close to Romanian entrepreneurs, auto dealers and equipment suppliers and built long-term relationships, not just contracts. The leasing market has evolved spectacularly — from an almost unknown service in the 1990s to an essential component in financing the real economy.

What were the early days like? How ready was the Romanian market in 1995 for leasing?

In 1995, leasing was a virtually unknown concept. The economy was only just being reshaped, entrepreneurs had limited access to financing, and the legal framework was only beginning to take shape. We started as a three‑person team with a great deal of enthusiasm and a pioneering role: we explained what leasing was, how a contract worked and why it could be an alternative to a loan. At the time, leasing also enjoyed tax advantages: customs duties were payable at the end of the lease on the asset’s residual value, which made the product more attractive for entrepreneurs.

What were the main challenges in the 1990s? Do some persist today?

The main challenges were the lack of clear legislation, high inflation, limited credit culture and significant economic risks. We had to build both the market and trust at the same time. Some challenges have morphed — today it’s not about the absence of a regulatory framework, but its complexity. It’s no longer about mistrust in leasing, but about rising expectations, digitalization, compliance, ESG and European regulation. The essence is the same: adaptation and responsibility.

What were the key milestones in BT Leasing’s development?

We went through several defining stages:

• 1995–2000: set‑up, our first contracts, team building.
• Joining the Banca Transilvania Group — a turning point that gave us stability, capital and access to the largest Corporate and SME client base in Romania.
• The 2008–2009 financial crisis — when we chose prudence and risk control over growth at any cost.
• Accelerated digitalization — launching electronic signatures, fast approval flows and the fast‑lease product (PLR).
• Acquisitions and integrations over the last 2 years, through which we consolidated our market position and doubled our client portfolio.
  
  

How has BT Leasing’s range of financial solutions evolved?

We started with classic finance lease products for new passenger cars and expanded to a full range: new and used passenger cars, commercial vehicles, heavy transport, equipment, agricultural machinery, medical equipment and even real estate. We also offer sale‑and‑leaseback, providing clients with long‑term working capital. Today we have a balanced mix across autos, commercial vehicles and equipment, with each segment’s share adjusting organically with market and customer needs.

What are the most in‑demand services today?

Passenger car leasing remains the most sought‑after, as it is the fastest financing solution on the market, but we see strong growth in demand for equipment and machinery leasing, especially among SMEs, as well as in agribusiness.

What is the total value of the financed contracts? How has it evolved?

We have delivered double‑digit growth every year, supported by investment in technology, distribution expansion and cooperation with the Banca Transilvania network. Over the past 2 years, outstanding portfolio growth has accelerated on the back of integrating the three leasing companies acquired by the Banca Transilvania Financial Group — Țiriac Leasing, Idea::Leasing and OTP Leasing — which has consolidated our leadership in Romania’s finance leasing market. The current outstanding portfolio value exceeds RON 6 billion, but more importantly the number of financed clients is approaching 45,000, whom we support in their investment plans.

What is the share of auto leasing in the portfolio?

Auto leasing remains the majority segment at BT Leasing — both by number of contracts and by financed volume. It accounts for more than 80% of the total, including commercial vehicles, with demand coming mainly from companies, although we also have individuals in the portfolio. Even as the equipment segment grows, autos remain the main pillar thanks to our strong partnerships with dealers and carmakers.

What do clients prefer today — electric, hybrid or combustion? How do you see this evolving?

Demand for fully electric vehicles has cooled compared to recent years, mainly due to reduced government subsidies for this category. Another factor is the limited charging infrastructure. In this context, internal combustion engine vehicles and hybrid technologies — mild‑hybrid and plug‑in hybrid — remain predominant.

Among companies, however, we are seeing more setting sustainability targets in their development strategies — not only for regulatory reasons, but out of concern for the environment — which makes me believe the shift to “green” vehicles will accelerate in future.

How important is equipment leasing? How has it evolved?

In recent years, equipment has become BT Leasing’s second growth engine. We finance industrial, agricultural and medical machinery and production technologies, with demand especially from companies looking to modernize capacity without tying up their own capital. In both customer numbers and volumes, equipment leasing shows accelerated momentum and is strengthening its share in the portfolio.

What are the main sectors you finance?

The main industries are transport, construction, agribusiness, medical, logistics and services. The fastest growth is in agriculture, logistics and manufacturing, driven by EU investment and the need to digitalize. We are also increasingly exploring sectors such as green energy, technology and e‑mobility.

What are the newest services you have launched?

We run regular campaigns and financing products dedicated mainly to the auto sector, including promotional pricing or subsidies for investments in new technologies and cars. I would highlight our anniversary campaign, BT Leasing – 30 years, CelebRide, which was very well received; in July, sales were up 50% versus the year’s average. We also have a nationwide campaign with Toyota Romania, under which we cover the insurance cost for the first 3 months of the contract, and we work very well with Țiriac Auto on the fast leasing product for passenger cars. We also promote financing for fully electric and hybrid vehicles, with clearly defined sustainability objectives in our strategy.

What role do acquisitions and mergers play in your growth strategy? How many companies have you taken over so far?

We are a Romanian company that has grown organically year after year, and also through strategic acquisitions: over time we have integrated five leasing companies — BT Medical Leasing, ERB Leasing, Țiriac Leasing, Avant Leasing and OTP Leasing. 

Based on leasing market data published by the Romanian Association of Leasing Companies and Consumer Credit, BT Leasing’s market share is around 26%, placing us among the top leasing companies in Romania. Acquisitions have accelerated our expansion, brought new client portfolios, valuable teams and know‑how; in this context, as part of our development strategy, we will carefully assess any opportunities that may arise in future.

How difficult is it to integrate an acquired company (e.g., OTP Leasing, Avant Leasing)?

Integration is much more than transferring portfolios — it means aligning processes, organizational culture, IT systems and the way we work with clients.

It is a complex process, but prior experience helped us manage it in a structured way: mixed teams, clear plans, transparent communication and respect for the people in the acquired company.

What is your pace of organic growth? How is it supported?

Organic growth is steady; each year we budget double‑digit increases, based on partnerships with auto dealers and cross‑selling with Banca Transilvania. We are increasingly focused on operational efficiency and digitalization, we want to expand our range of fast‑track financing products, and to provide adjacent services such as vehicle maintenance and insurance, promoted by our commercial teams nationwide.

How has your client base evolved? How many clients do you have now?

Our client base has grown from a few hundred in the early years to almost 45,000 active clients today. The annual growth rate has been consistent, and the mix is balanced between companies (SMEs and corporates), with individuals accounting for a marginal share, as asset ownership remains important for consumers. In future, as consumer habits change, we believe more and more individuals will turn to leasing to purchase a car, as in Western Europe.

How has leasing customer behavior changed in recent years?

Today’s customer is informed, digital, and focused on speed and predictability. They want fast approval, clear costs, online access to contracts and flexible payment options.

We have responded with digitalization, transparency and integrated solutions: leasing + insurance + related services.

Is the current economic context having an impact? How do you manage risks?

Yes, we see some hesitation and deferral of investment projects, as a result of macroeconomic and geopolitical instability, inflation and legislative uncertainty in Romania. Even so, we believe entrepreneurs should not stop their development plans; they need to keep investing in efficient technologies, and we are here to support them through prudent lending policies, ongoing portfolio monitoring, rapid product and commercial adjustments and, not least, tailored support for affected clients.

What role does financial education play in your client relationships? Do you have initiatives in this area?

Financial education is essential, especially for SMEs and early‑stage entrepreneurs. A proper understanding of a leasing contract, the total cost of financing and the risks can be the difference between a successful and a burdensome investment. We support financial education through webinars, guides, plain‑language contract explanations, media presence and cooperation with the BT Group, which runs numerous entrepreneurship and financial education programs.

What are the most used digital solutions among your clients?

Technology has become the invisible infrastructure of the business. It supports us from risk analysis through to digital contract signing and client relationship management.

Key projects have included digitalizing the entire leasing flow, electronic signatures, automated approval decisions, the MyBTLeasing self‑service platform, and, going forward, integration with Banca Transilvania’s digital ecosystem.

In the context of AI and automation, do you think technology will completely replace human interaction?

Technology can drive major efficiency, but it cannot fully replace trust, empathy and an understanding of the client’s context. We believe in a hybrid model — digital where we can, human where it matters. Final decisions, advice on major investments or sensitive situations will always need people.

How has the BT Leasing team evolved over time?

We started with a handful of people. Today we are more than 300 colleagues, 80% based in our two main offices, Cluj‑Napoca and Bucharest, and the remaining 20% in BT branches across Romania, ensuring nationwide coverage for clients. The team has grown not just in size but also in expertise, through internal training, leadership programs and by integrating colleagues from acquired companies.

How important is human capital in the company’s strategy?

Leasing is not just a financial product; it is about advice, solutions and trust — the contractual relationship lasts at least a year under the law. People are the ones who build and sustain client relationships. Through BT Academy we invest constantly in training, digital skills, leadership and personal development programs, and our culture is built on responsibility, initiative, honesty and an entrepreneurial spirit, in line with the Group’s values.

How complex is team integration after mergers and acquisitions?

Team integration is probably the most sensitive part of an acquisition. Processes, IT systems and procedures can be aligned more quickly, but harmonizing organizational cultures and retaining key people takes time, dialogue and trust. Through transparent communication, respect for each team’s identity and dedicated integration programs, we believe we have largely succeeded. A proof point is our financial performance, which, post‑integration, is better than the sum of the individual results prior to integration. So 1+1+1+1 added up to 5 in our case.

How would you characterize Romania’s leasing market today? What trends are taking shape?

The leasing market exceeds EUR 5 billion annually and continues to grow. The main trends are the shift online, digitalization of support processes, rising financing for equipment and agriculture, greater interest in operating leases and flexible mobility solutions and, not least, a focus on green and sustainable products (ESG).

How does Romania compare with other European markets? Is there still room for growth?

Romania’s leasing penetration is still below the EU average: only 3% of new cars registered in 2025 were purchased through leasing, which means significant growth potential. Compared with Western Europe, we are in an accelerated maturation phase, and the adoption of digital solutions and generational change will accelerate the pace. Romania’s leasing penetration is around 1.3% of GDP, while the EU average is roughly 4%. The Nordic countries exceed 6%, while Poland and developed Western European countries are around 5%. We are in an accelerated maturation phase, and the adoption of digital solutions and generational change will speed up growth.

How important is state support for the leasing sector? What measures would help the market develop?

Predictability and stability in the legal and tax framework would be the most valuable form of support from the state. I also believe leasing should be included in all government programs alongside bank lending, because it is a viable alternative for supporting Romania’s economy and entrepreneurship.

We would benefit from streamlining bureaucracy and more flexible regulation, because returning an asset to the leasing company and redeploying it to another entrepreneurial user continues the investment cycle in the economy without disrupting cash flows. Leasing can therefore act as a lever for the economy, and it should be stimulated as an investment tool through a specific regulatory framework that accounts for its particularities.

Outlook for 2025 — autos, equipment, clients, contracts, assets, profit

We expect growth to continue in both autos and equipment. Client numbers and the value of financed assets should track the budget, even slightly higher by year‑end, and profitability will be supported by operational efficiency and risk control.

What are the main investment priorities? Are new acquisitions or mergers on the cards?

Investments focus mainly on IT infrastructure and cybersecurity, AI in support functions and automation of operational processes, as well as developing our employees’ digital skills. We also aim to diversify existing products and develop new ones in mobility. Acquisitions remain an option, provided they are strategic, complementary and sustainable long term.

What are BT Leasing’s medium‑ and long‑term plans?

In the medium term, we are focused on growing the portfolio in a profitable, balanced way, strengthening synergies with the BT Group, expanding in equipment and enhancing the client’s digital experience. In the long term, our goal is to become the primary partner for mobility and integrated financing for as many companies and individuals in Romania as possible.

What is BT Leasing’s vision for the next decade? Where is the greatest opportunity?

Our vision is to transform leasing from a simple financial product into a platform of mobility, technology and integrated services. The future will be less about “owning an asset” and more about smart, flexible and sustainable use of mobility and equipment. The greatest opportunity is being part of the BT Financial Group and integrated into the bank’s ecosystem of financial products and solutions, to ensure easy, fast access to our products for nearly 5 million clients who currently hold accounts with BT.

What message do you have for the clients and partners who have stood by you over these 30 years?

The most valuable thing we have earned in these 30 years is trust. We thank all our clients, partners and colleagues who have been part of this story. Every contract signed, every project, every challenge overcome has brought us here.

We promise to stay close, to innovate, to act responsibly and to keep building for people, for businesses and for the future of Romania’s economy.


The article published in Capital’s print edition can be read here.