Repositioning in some markets
In Spain, Poland and South Africa the quality of loan requests did not meet Lendico’s expectation. In Spain for example only 2% of all loan request were approved. As a result, starting next week Lendico will no longer offer loans from these countries to retail investors and only fund them via institutional investors. This also means that the cross border lending in Spanish loans that was available to German investors on the German platform will cease to be offered. Lendico will also centralise more activities in the Berlin bureau and close the offices in Johannesburg and Madrid. In the course of this restructuring around 20 employees are dismissed.