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LHV UK plans to acquire Bank North’s business activities

Mount Equity Group Tokyo Japan > News > Business > LHV UK plans to acquire Bank North’s business activities

LHV UK Limited, a subsidiary of AS LHV Group, has made an offer to Bank North Limited, a UK based credit institution, to acquire its small and medium-sized enterprises (‘SME’) lending business. With this move, LHV UK Limited, which is currently applying for a UK banking license, enters the UK SME lending market.

LHV Group currently holds a 9.3% stake in Bank North as a financial investment. Bank North was Authorised with Restrictions and it entered the mobilisation period in Q3 2021. The mobilisation period usually lasts up to 12 months and enables new banks to complete the build-out of their bank and fully capitalise the bank. Although the bank saw substantial loan demand, Bank North was unable to raise the required capital due to falling activity in the capital markets. Therefore, on 30 September 2022, the company decided to initiate the Solvent Wind Down process. For LHV Group, liquidating Bank North means an additional…

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