The Competition Council approved the economic concentration of the International Financial Group IuteCredit Europe and the Moldovan Energbank.
Thus, after the completion of the sale - purchase transaction, IuteCredit Europe will become the majority shareholder of Energbank with a 59.39% stake. IuteCredit Europe is an international consumer finance group. The company started its activity in 2008, having created a non-bank credit organization IuteCredit in Moldova. Today branches and representative offices of IuteCredit Europe are open in 4 more European countries: Albania, North Macedonia, Bulgaria, Bosnia and Herzegovina. According to the company's financial statements, in 2020 its turnover grew by 10% - to 56 million euros. The company's EBITDA (profit before interest, taxes, depreciation, amortization) increased by 3.5% to 20.9 million euros, and net income was 5.2 million euros (-37.4% compared to 2019). Last year, the company entered into more than 222.4 thousand new loan agreements (+ 65.4% compared to 2019), and the net loan portfolio of IuteCredit Europe amounted to 79 million euros (+ 0.2%). At the same time, at the end of 2020, about 44.4% of the portfolio fell on Moldova (39.1 million euros, -14.9% compared to the previous year), another 37.9% of loans were provided in Albania, 14.3% - in Macedonia, 3.4% - in Bosnia and Herzegovina. The total number of clients of the IuteCredit group is about 130 thousand, by the end of 2021 the company intends to increase their number to 200 thousand. IuteCredit is the first Estonian company to issue securities on the Frankfurt Stock Exchange. To finance its plans, last year the company issued an additional issue of 10 million euros, and in total, IuteCredit's debt obligations of 50 million euros were placed on this exchange. Energbank was founded in 1997 and today it has 22 branches and 25 agencies throughout the country. According to the most important indicators, Energbank has a market share of 2-3%, and its position in the ratings of banks is between 6 and 10 places among 11 commercial banks in the country. At the end of 2020, Energbank's assets increased by 15.3% - up to 2.92 billion lei. The volume of loans issued amounted to 0.77 billion lei (-16.7%), while the share of retail loans was 54%, corporate loans - 46%. The volume of attracted deposits amounted to 2.11 billion lei, the bank's own funds reached 0.53 billion lei. The bank's net profit in 2020 amounted to 44.4 million lei (-6.5% compared to 2019). Energbank's authorized capital is 100 million lei (2,000,000 shares, with a par value of 50 lei). It should be noted that the bank is under the supervision of the National Bank of Moldova. This is due to the establishment of coordinated activities of some shareholders without the prior written permission of the NBM, as well as other aspects. // 28.10.2021 — InfoMarket
