- 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.
