IuteCredit progresses in exercising operational control over Energbank

Lilian Guzun, CEO of IuteCredit Moldova, takes office as new member of Energbank’s management board

Tallinn, Estonia, 7 November 2022. IuteCredit Europe (“ICE”), a leading European personal finance group, has made further progress in achieving operational control over Energbank with the approval of Lilian Guzun as a new member of the Board of Directors of Energbank by the National Bank of Moldova. The Supervisory Board of Energbank had already approved Guzun as a member candidate for management board membership in May 2022. The recomposition of the bank’s management board is part of the strategic plan to transform Energbank into a modern and innovative financial institution and to integrate Energbank into the IuteCredit Group.

In his role as the bank’s Vice President, Lilian Guzun will be responsible for sales, network development, and customer experience. Upon completion of the onboarding process, IuteCredit plans to appoint Guzun to the currently vacant position of CEO of the bank. Thus, the strategic integration of Energbank into IuteCredit Group will continue as planned. Until his appointment to the bank's management board, he served as CEO of IuteCredit Moldova. Previously, Guzun held various top management positions in international banks, fintech, and telecom companies and has extensive experience in emerging markets in 25 countries on four continents.

Tarmo Sild, CEO of IuteCredit Group: “This is the first bank in the IuteCredit Group, and for us, it means a twofold potential of additional service streams for our retail customers and, as a result, revenue streams for IuteCredit Group. We are evolving from a single service provider to multiple services provider that creates an extraordinary experience for our customers. We can finally undertake the challenges of digital banking. We are reshaping corporate governance, setting up internal communication lines, and aligning organizations and business metrics with IuteCredit Group principles. Reshaping the service processes for our customers will take a little bit longer until 2023, and we expect to see the true benefits of the bank for our customers and to our income in 2023.”

Lilian Guzun, Vice President of Energbank: “I am very excited to start my new position at Energbank and start reshaping the bank to start offering innovative services that implement next-generation fintech solutions and create new value for our customers; instant payments being among the first novelties to be launched. I am confident that Iute’s culture and values will be a perfect match with Energbank once, even though we will continue to operate as two separate entities of the IuteCredit Group.”

The Energbank Management Board comprises furthermore the current members Pavel Cusnir and Sergiu Slobodean. In accordance with the resolutions of the Shareholders' Meeting, the Supervisory Board will be recomposed of independent members and the IuteCredit Group management. The recomposition is subject to the approval procedure of the National Bank of Moldova.

Contact:

Kristel Kurvits, Group Chief Financial Officer (CFO)
Email: investor@iutecredit.com
Phone: +372 622 9177

About IuteCredit:

IuteCredit - established in 2008 - is a leading European personal finance company. The Group is specialized in consumer credits via its 100% subsidiaries using equity and loan capital. IuteCredit serves customers currently in Moldova, Albania, North Macedonia, and Bulgaria as well as Bosnia and Herzegovina.

IuteCredit's loan products are unsecured consumer loans with maturities between 1 month and 36 months and car-secured loans with maturities up to 60 months.

The mission of IuteCredit is to create the extraordinary experience in personal finance by exceeding customers' expectations.

www.iutecredit.com