The group, described as the largest provider of online loans in Europe, becomes the third largest shareholder in the net and mobile consumer bank Monobank with the targeted expansion of capital.
For the purchase, TBI Bank, a consumer and small businesses based in Sofia, Bulgaria, are owned by the Luxembourg online lender 4 Finance Holding. Head of Norse Øyvind Oanes, who on August 1 became the new CEO.
Oanes is a former member of the Monobank Board of Directors, whose position resigned in June 2018 over possible conflicts of interest with a new position. Among other things, Oanes is responsible for the construction of the Consumer Company GE Capital in Russia and the central part of the private banking business of the Austrian bank Bawag PSK.
Director Bent Gjendem from Monobanka emphasizes that TBI Bank and 4 Finance are an important and growing consumer credit market in Europe with excellent credit and distribution expertise.
"The most important thing is to get a financial and strategic investor who is interested in Monobank, but at the same time we are increasing the capital that is important for our growth strategy," Gjendem told DN.
The new shareholder is also powerful in digital signing, which is a challenge outside the Nordic region, where he does not think the bank is.
Monobank already exists in Norway and Finland. In the new year, the Bank has already announced the launch of its sale in Sweden.
"We said our target of $ 10 billion in loans in the Nordic region in three to four years," says the head of the Monobank.
technology of sales
The Bank for Consumer Credit recently launched a new credit card application, which it believes can become a new industry standard.
At the same time, Monobank sees the opportunity to sell its technology platform to other banks. The company must already be in several dialogues about it, according to Gjendem.
"There is a lot of interest," said DN.
Monobank closed private placement against the 4 subsidiary TBI Bank EAD in the amount of 24,826,567 shares at a price of NOK 2.30, totaling NOK 57.1 million.
The proceeds from the issue will be used to finance the Bank's growth strategy, provide the necessary capital for further cross-border expansion and capital appreciation, announced today's announcement.
After the issue, TBI Bank EAD will receive a 9.1% stake in Monobank.
4 Finance was established in 2008 and had more than EUR 5 billion of loans in 2017. The company has operations in 13 countries in Europe, in addition to Mexico and Argentina. (Conditions)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our affairs using a link that leads directly to our site. Copying or any other form of use of all or part of the content is permitted only by written permission or by law. For further conditions, see here.