Gal Aviv (Photo by Sivan Poppy)
The non-bank credit company, Blender, has completed the acquisition of a credit union in Lithuania in the amount of NIS 18 million. The acquisition brings Blender closer to obtaining a banking license in Europe and triples its credit portfolio on the continent.
In fact, Blender buys the entire shares of a company that owns about 75% of the Lithuanian credit union. The association holds deposits of 35 million euros at an average interest rate of 2.5%, and in a credit portfolio of about 32 million euros and the rest of the money is used by the association as equity. The association specializes in providing credit to businesses and real estate.
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By November 2021, the acquired credit union achieved revenues of 1.9 million euros and a net profit of 231,000 euros. The association ended 2020 with revenues of 1.9 million euros (almost identical to revenues in the first 11 months of 2021) and with profits of 278,000 euros.
Blender is controlled by the Aviv Group and one of the recognized institutional investors, the mutual funds of the Moore Investment House hold a small holding.
Blender recently announced a deal with Bank Hapoalim in which it and the bank will provide tiny consumer credit for small purchases. The Blender stock has lost 31% since the beginning of the year and has lost 2% since the beginning of the month.
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