IuteCredit has acquired controlling stake in Moldovan Energbank
Tallinn, Estonia, 14 February 2022. IuteCredit Europe (“ICE”), a leading European personal finance group, has acquired an additional 49.7% of the shares of Moldovan Energbank, corresponding to 994,645 shares, for a total purchase price of EUR 8.3 million on the Moldovan Stock Exchange. IuteCredit now owns 59.7% of the shares of Energbank.
“We are working towards a fast and orderly transition to the entire shareholding and operational control of the bank. Our goal is to acquire maximum ownership of the bank and buy the rest of the shares on market conditions. The National Bank of Moldova has approved the acquisition of a qualified stake in the share capital of Energbank,” said Tarmo Sild, CEO of IuteCredit Europe.
“IuteCredit is moving in the direction of a fast and convenient modern fintech bank. After the acquisition, we plan to integrate the bank with the Iute Credit Group, adopt our innovative technological solutions, and make all banking services available on a smartphone,” said Sild.
“IuteCredit is pleased to welcome the Energbank Team to Iute corporate culture and values, with confidence of soon-to-be perfect match and sinergy, despite continuing to operate as two separate entities part of IuteCredit Group,” said Lilian Guzun, CEO of IuteCredit Moldova.
Commercial Bank "Energbank" S.A. has been operating on the financial market of the Republic of Moldova for 25 years, becoming one of the renowned medium-sized financial institutions in the country during this period, with total assets of LEI 2.97 billion (EUR 148 million) as of 31 December 2021.
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IuteCredit - established in 2008 - is a leading European personal finance company. The Group is specialized in consumer credits via its 100% subsidiaries using equity and loan capital. IuteCredit serves customers currently in Moldova, Albania, North Macedonia, and Bulgaria as well as Bosnia and Herzegovina.
IuteCredit's loan products are unsecured consumer loans with maturities between 1 month and 48 months and car-secured loans with maturities up to 72 months.
The mission of IuteCredit is to create the extraordinary experience in personal finance by exceeding customers' expectations.