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

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

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  • 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.

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