The subsidiary of AS LHV Group, AS LHV Pank, and AS TBB Pank have entered into an agreement for the partial acquisition of AS TBB Pank's loan portfolio.
The exact volume of the loan portfolio being acquired will be determined on the day of the transaction's completion, but it is approximately 36 million euros and consists of corporate loans and a few related personal loans. A 15% discount is applied to the portfolio. The transaction is planned to be completed by the end of the third quarter of 2024.
The volume of the planned transaction does not have a significant impact on LHV Pank's capitalization or liquidity. The transaction could not be considered as a transaction between related parties. The prerequisites for the completion of the transaction are, among other things, the satisfactory results of the final due diligence of the portfolio and a permission of the Estonian Competition Authority.
LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs over 1,100 people. As at the end of July, LHV’s banking services are being used by 437,000 clients, the pension funds managed by LHV have 118,000 active clients, and LHV Kindlustus protects a total of 167,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the UK and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.
Priit Rum
Communications Manager
Phone: +372 502 0786
Email: priit.rum@lhv.ee
