Malta-based Multitude Bank has announced the acquisition of a 9.9 per cent stake in Lea Bank ASA, a digital bank based in Norway that specialises in consumer financing across Nordic countries and Spain.

Furthermore, the bank has signed an agreement to acquire an additional 8.7 per cent stake, subject to approval by the Norwegian Financial Supervisory Authority and the Swedish Financial Supervisory Authority.

If approved, Multitude Bank will become the largest shareholder of LEA Bank ASA, with a total stake of approximately 18.6 per cent.

The investment, amounting to approximately €15 million reflects the bank’s intentions of expanding its operations through targeted investments and partnerships.

The acquisition will be financed through Multitude Bank’s liquidity reserves.

Commenting on the acquisition, Antti Kumpulainen, CEO of Multitude Bank plc, remarked that both banks are “high complementary players in the European market,” with a shared focus on digital innovation, data-driven decision-making and consumer focus.

“Both organisations prioritise operational scalability and efficiency, particularly in optimising cost-to-income ratios. We see significant potential for cooperation between Lea Bank and Multitude Bank,” he added.

Founded in 2016, Lea Bank ASA operates in two segments: Consumer loans and deposit products.

It serves customers in Norway, Sweden, Finland, and Spain with consumer loans, while offering deposit products to customers in Norway, Germany, Spain, Austria and France.

The company currently employs 48 workers and has over 70,000 customers, therefore making it “well-positioned for further expansion in Europe,”

In the upcoming year, LEA Bank ASA plans to relocate its headquarters to Sweden, having obtained a Swedish banking licence in June 2024. Additionally, it intends to transition from the Oslo Stock Exchange to a Nasdaq Stockholm listing by 2025.