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The leading European group in the field of personal finance, IuteCredit Europe, present in Albania with the financial institution IuteCredit Abania, is continuing with its strategic expansion plans. The Tallinn-based group in Estonia has finalized the acquisition of another 49.7% of the shares of the Moldovan bank Energbank.
IuteCredit announced that it has paid 8.3 million euros to buy the package with 994,645 shares. In January, IuteCredit also bought 9.976% of the shares, corresponding to 199,519 shares, for a total price of 1.7 million euros. At the end of the two-stage acquisition, IuteCredit already owns 59.7% of Energbank shares.
With the approval of the purchase of the share package by the Central Bank of the Republic of Moldova, IuteCredit is working towards a rapid and orderly transition of ownership and operational control of the bank. IuteCredit plans to acquire full ownership of Energbank by acquiring additional shares on market terms.
IuteCredit is moving towards transformation towards a modern bank of the financial technology model (fintech), with fast and convenient service for the public. “After the acquisition, we plan to integrate the bank with the IuteCredit Group, adapt our innovative technology solutions and make all banking services available on a smartphone,” said Tarmo Sild, CEO of the IuteCredit Financial Group.
Akan Ajdini, General Manager of IuteCredit Albania, said that the acquisition of Energbank is a signal for the positioning of the company in the near future.
“After receiving the license for electronic money from the Bank of Albania, for us as IuteCredit Albania this is a sign of where we intend to be in the near future, transforming from a small and fast credit institution into a bank modern fintech, where getting loans and making payments is done in a few seconds and from a mobile device, ”he said.
About IuteCredit Europe:
IuteCredit is a leading European personal finance company, founded in 2008. The group specializes in providing fast consumer loans through its subsidiaries, using both its own capital and borrowing in financial markets. IuteCredit currently serves clients in Moldova, Albania, Northern Macedonia, Bulgaria and Bosnia and Herzegovina.
IuteCredit loan products are unsecured consumer loans with collateral, with a maturity of 1 month to 48 months, as well as guaranteed loans for the purchase of vehicles, with a maturity of up to 72 months. IuteCredit operates its own network of ATMs, which is used through the smartphone application.
IuteCredit’s mission is to create an exceptional personal finance experience that exceeds customer expectations.
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