Bulgaria's TBI Bank to buy 9% stake in Norway's Monobank

Bulgaria's TBI Bank to buy 9% stake in Norway's Monobank cozyta/Shutterstock.com

SOFIA (Bulgaria), November 8 (SeeNews) - Bulgaria's TBI Bank said on Thursday that it has reached an agreement to acquire a 9% stake in Norway-based digital bank Monobank for 6.0 million euro ($6.8 million).

TBI Bank is investing the sum in a private placement of Monobank’s shares which are listed on an Oslo stock market, TBI Bank said in a press release.

"We at TBI believe that this investment will allow us to share best practices and learnings with one of the leading Nordic fintech banks. This is consistent with our strategy to become a next generation digital lender," Petr Baron, CEO of TBIF Financial Services - the parent company of TBI Bank, said in the release.

"In addition, as part of 4finance Group’s broader strategy to develop its near-prime business in the Nordic region, this minority stake is the first step in exploring potential cooperation with Monobank."

Monobank, which operates in Norway and Finland, focuses on consumer finance. The lender has a net loan portfolio of around 360 million euro.

($ = 0.8754 euro)

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