LHV UK completed the purchase transaction of Bank North's business activities
October 17 2022 - 8:30AM
LHV UK completed the purchase transaction of Bank North's business
activities
LHV UK Limited, a subsidiary of AS LHV Group, and Bank North
Limited, a UK credit institution, completed today, on 17 October
2022, a transaction whereby LHV UK acquired Bank North’s small and
medium-sized enterprise (SME) lending business.
The final price of the transaction amounted to 19.7 million
pounds. This includes an SME loan portfolio of approximately 17.9
million pounds, 20 employees, an IT system for client relations and
loan portfolio management, and cooperative relationships with
brokers. The acquisition of a functioning business means that LHV
UK, which is currently in the process of applying for a banking
licence, will enter the UK SME lending market and will immediately
start to generate interest income from the acquired loan portfolio.
In order to issue SME loans, LHV UK must also register as an Annex
1 financial institution. The more specific long-term impact of the
transaction will be reflected in LHV Group’s financial plan to be
published in February 2023.
LHV UK announced its intention to acquire the business of Bank
North in a stock exchange announcement dated 11 October 2022, which
did not contain any substantive changes to the closing of the
transaction.
LHV Group is the largest domestic financial group and capital
provider in Estonia. LHV Group's key subsidiaries are LHV Pank, LHV
Varahaldus, and LHV Kindlustus. The Group employs more than 820
people. As of August, LHV's banking services are used by 359,000
clients, the pension funds managed by LHV have 132,000 active
clients, and LHV Kindlustus protects a total of 149,000 clients.
LHV's UK branch offers banking infrastructure to 200 international
financial services companies, via which LHV's payment services
reach clients worldwide.
Marthi LepikCommunications SpecialistPhone: +372 5666
2944Email: marthi.lepik@lhv.ee
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