Estonian financial technology company IuteCredit has officially confirmed the acquisition of a 9.976% stake in Energbank for 1.7 million euros.
As noted in the message of the company, this was the first step of the company on the way to becoming a bank. In the course of the transaction, 199,519 Energbank shares were purchased at the Stock Exchange of Moldova at a price of 170.44 lei per share, the total amount of the transaction amounted to 1.7 million euros. Tarmo Sild, CEO of IuteCredit Europe, co-founder and co-owner of this company, noted that IuteCredit would like to become a majority shareholder of the bank. “As already reported to the Moldovan press by the informed sources, we really received the approval of the National Bank of Moldova for the purchase of Energbank. We will continue to work towards achieving this goal, ”said Tarmo Sild. Director General of IuteCredit Moldova Lilian Guzun noted that the “spirit of Iute”, which will be implemented in Energbank, will contribute to the digitalization of the bank, bringing in advanced experience from the Baltic and Scandinavian countries. Tarmo Sild believes that in the next 2 years the company can reach a million clients and a balance of 1 billion euros, and the acquisition of the bank is part of the plan. “IuteCredit should become a convenient and fast fintech neobank, money should move very freely, smoothly, like human speech. At the same time, our main promise is to offer an exceptional personal finance experience, which is why maintaining human contact is very important at a time when technology is becoming an increasingly part of our lives, ”said Tarmo Sild. In addition to acquiring the bank, IuteCredit plans to expand all the services the company offers on mobile phones and offer investment opportunities. IuteCredit intends to expand beyond its main markets in the Balkans and Moldova in the coming years and expand its portfolio of services. “Most of the current income comes from installments and loans, but in the future, digital payments could make up half of the company's portfolio,” said Tarmo Sild. IuteCredit, founded in 2008, is a leading European personal finance company. The group specializes in consumer lending through its 100% subsidiaries. IuteCredit currently serves clients in Moldova, Albania, North Macedonia and Bulgaria, as well as in Bosnia and Herzegovina. IuteCredit's loan products are unsecured consumer loans with maturities ranging from 1 to 48 months and car loans with maturities up to 72 months. IuteCredit operates its own ATM network that is used with a smartphone app. Energbank has been operating in the financial market of Moldova for 25 years. During this period, it became one of the best medium-sized banks in the country with total assets of 2.96 billion lei (147 million euros) as of November 30, 2021. With an extensive network of 45 branches and agencies, the bank provides a full range of services designed mainly for individuals, small and medium-sized businesses, offering financial services throughout the country. // 13.01.2022 — InfoMarket
