Enova International Inc (NYSE:ENVA) withdrew regulatory applications for its planned Grasshopper Bancorp acquisition on Tuesday, sending shares sharply lower despite reaffirmed growth forecasts and plans for faster buybacks.
Shares fell 25% to $169.50 following the company's acquisition update.
The technology and ******* ytics company pulled applications with the Office of the Comptroller of the Currency and the Federal Reserve after reviewing the transaction and bank approval process.
CEO Steve Cunningham said withdrawing the applications was the best choice for Enova and its shareholders, adding that the company can keep growing without becoming a bank.
He argued that banking rules have not kept pace with the credit needs of consumers and small businesses that banks do not adequately serve.
#acquisition #bank #international
Shares fell 25% to $169.50 following the company's acquisition update.
The technology and ******* ytics company pulled applications with the Office of the Comptroller of the Currency and the Federal Reserve after reviewing the transaction and bank approval process.
CEO Steve Cunningham said withdrawing the applications was the best choice for Enova and its shareholders, adding that the company can keep growing without becoming a bank.
He argued that banking rules have not kept pace with the credit needs of consumers and small businesses that banks do not adequately serve.
#acquisition #bank #international
1 day ago
