The Supervisory Board of Inbank AS has approved the acquisition of a 100% holding in UAB Mokilizingas from AS LHV Group and UAB Inovatyvūs prekybos sprendimai. The price of the transaction is 15 million euros.
The contract for purchase and sale of the shares was signed today, on 20 April 2018, and the transaction will be completed during the second quarter of 2018. For the time being, the transaction will not bring along any substantial changes for clients and partners of Mokilizingas. In order to ensure a smooth exchange of ownership, LHV will provide credit line to Mokilizingas during the next 12 months and guarantee that the credit cards of Mokilizingas will function on the existing basis until the end of 2019.
According to Priit Põldoja, Chairman of the Supervisory Board of Inbank, the acquisition of the company is the next step in the implementation of the international growth strategy of Inbank. “The transaction gives us not only a well-functioning and profitable business in Lithuania, but also the capability to serve our partner merchants who operate throughout the Baltic states. Mokilizingas is a well-managed company that has a significant growth potential, which fits well with Inbank business model,” Põldoja said.
Mokilizingas UAB is the leading provider of consumer financing products on the Lithuanian market, holding the second market position in the field of hire-purchase with its nearly 40% market share. The company has more than 2,000 partners in Lithuania, nearly 250 thousand clients and more than 100 thousand active contracts. In addition to Lithuania, Mokilizingas also serves strategic partner companies in Latvia.
Inbank operates on the consumer financing markets of Estonia, Latvia and Poland. Inbank also receives international deposits from the German and Austrian markets.
Additional information:
Priit Põldoja
Inbank AS
Chairman of the Supervisory Board
+372 502 4942
priit.poldoja@inbank.ee