Blender completes acquisition of Lithuanian Credit Union | Acquired 77% of the union’s shares for about NIS 18 million | In doing so, the company is approaching obtaining a banking license in Europe Objective: Establishment of a pan-European digital bank through the association, which holds a certificate in principle for converting its field of activity to banking
Shi Klein 06.03.2022
Blender Financial Technologies announced the completion of the transaction for the acquisition of the Lithuanian Credit Union for approximately NIS 18 million. The union currently raises deposits, holds a certificate in principle for converting its area of activity from a credit union to a bank and is in the advanced stages of obtaining a bank license.
Completion of the transaction accelerates the process of obtaining a bank license, triples Blender’s credit portfolio in Europe, and reduces the cost of credit sources in Europe.
The acquired corporation specializes in real estate-backed credit, manages deposits in the amount of NIS 128 million, a credit portfolio in the amount of NIS 115 million and has equity of NIS 9 million.
As part of the transaction, Blender acquired approximately 77% of the shares of the credit union.
Dr. Gal Aviv, CEO of the Blender Financial Technologies Group: “The completion of the acquisition transaction is another step in the realization of the growth strategy of Blender’s operations in Europe. As a result, the company’s credit portfolio grew to about NIS 575 million. We are experiencing significant growth and our goal is to become a market leader in all core areas. ”