Multitude Bank Acquires Strategic Stake in Lea Bank ASA

Multitude p.l.c.'s subsidiary, Multitude Bank p.l.c., has secured a 9.9% stake in the Norwegian digital bank, Lea Bank ASA. An agreement to acquire an additional 8.7% stake awaits regulatory approval from the Norwegian Financial Authority. This acquisition aligns with Multitude’s growth agenda, particularly in the Nordic region and Spain.

The EUR 15 million investment is intended to bolster Multitude's expansion strategy through partnerships and acquisitions. Lea Bank, established in 2016, provides consumer loans and deposit products across several European countries, and plans further expansion with a new headquarters in Sweden.

CEO Jorma Jokela highlights the deal as a step towards strengthening Multitude’s market presence, while Multitude Bank's CEO emphasized the complementary nature of both banks in terms of digital innovation and customer focus.