Sunday, December 22, 2024

Multitude Bank secures €15m majority shareholding in Norwegian digital challenger Lea Bank

  • Multitude Bank, a wholesale bank based in Malta, has acquired a 9.9% stake in Lea Bank, a listed Norwegian digital challenger, thereby becoming a majority shareholder.
  • This initial purchase will be followed by an additional 8.7% stake, with a separate agreement already signed, pending approval from the Norwegian Financial Authority and the Swedish Financial Authority.
  • The total cost of the transaction is approximately €15 million, financed entirely through Multitude’s liquidity. Upon completion, this will result in an 18.6% ownership stake.
  • Founded in 2016, Lea Bank specializes in consumer loans and deposit products, serving 70,000 customers across Europe.
  • Lea Bank secured a banking license in Sweden in June and plans to list on Nasdaq Stockholm next year, alongside transitioning its headquarters, while currently being listed on the Oslo Stock Exchange.
  • Multitude Bank anticipates that its majority shareholding in Lea Bank will yield attractive financial returns in terms of dividend yield and income.
  • Multitude operates as the wholesale banking subsidiary of Finland’s Multitude PLC, which also includes Ferratum and CapitalBox for consumer and SME banking services, respectively.

Hot this week

Banking as a Service: Meaning, Examples, Benefits and Future

The push for open banking has led to a...

Best fintech blogs and websites

Fintech (financial technology) has been an interesting part of...

What is Fintech?

Fintech: A term used to refer to innovations in...

How to buy shares online

Buying shares online in India has come a long...

Is it worth investing in life insurance over 60?

Is it worth investing in life insurance over 60? As...

TBC Bank Uzbekistan Raises $37 Million in Equity Investment

Subheading TBC Bank Uzbekistan secures $37 million from TBC Group,...

XTransfer and OCBC Form Comprehensive Partnership

Subheading XTransfer and OCBC collaborate to provide innovative cross-border financial...

Brazil Greenlights PayRetailers’ Acquisition of Transfeera

Subheading PayRetailers expands its presence in Brazil by acquiring Transfeera,...

Delio Appoints Felicia Meyerowitz-Singh as New Chair

Subheading Felicia Meyerowitz-Singh brings extensive financial services experience to drive...

Işbank Expands Partnership with Alipay+, Enhancing Cross-Border Payments

Subheading Işbank, Turkey's largest private bank, partners with Alipay+ to...

Former UBS Investment Analyst Unveils Voice-Cloned AI Education Tool

Subheading Geoff Robinson's new app uses his digitally cloned voice...

New Zealand Reduces Merchant Service Fees for Card Payments to Benefit Businesses

Subheading The Commerce Commission's draft decision aims to lower Visa...

Adyen and Affirm Extend Partnership to Canada, Enhancing Payment Options

Subheading Adyen and Affirm expand their collaboration to bring flexible...

Related Articles

Popular Categories

spot_imgspot_img