Today, on 22 May, Inbank AS acquired 100% of UAB Mokilizingas shares from AS LHV Group and UAB Inovatyvūs prekybos sprendimai. The price of the transaction was 15 million euros.
According to Priit Põldoja, Chairman of the Supervisory Board of Inbank, Mokilizingas is a well-managed company that has a significant growth potential, which fits well with Inbank’s strategy to widen its operations geographically. “The business of Inbank will become significantly more international as a result of the transaction, as more than half of the bank's loan portfolio will be located outside of Estonia,” Põldoja said.
For the time being, the transaction will not bring along any substantial changes for employees, clients or partners of Mokilizingas. “We support the continuation of the current strategy of Mokilizingas and will invest in the growth of the hire-purchase and loan portfolio. We hope to see positive synergies between Inbank’s and Mokilizingas’ pan-Baltic partners’ cooperation and the implementation of innovative technology of both companies,” Põldoja said.
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.
Mokilizingas 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. The enterprise has 55 employees.
Last year, Mokilizingas earned a net profit of 1.9 million euros and the return on capital was 24.8 per cent. At the end of April 2018, Mokilizingas’ loan portfolio reached 65 million euros.
Inbank group companies operate in the Estonian, Latvian, Lithuanian and Polish consumer financing markets. In addition, the bank also accepts international deposits from Austria and Germany.
Additional information:
Priit Põldoja
Inbank AS
Chairman of the Supervisory Board
+372 502 4942
priit.poldoja@inbank.ee