4finance Completes Purchase of TBI Bank in Bulgaria
4finance Holding S.A. (the “Group”), one of Europe’s largest online and mobile consumer lending groups, has completed the purchase of TBI Bank EAD through the acquisition of 100% of TBIF Financial Services B.V. (“TBI” or the “Bank”) from its parent company, Kardan N.V., following receipt of all regulatory approvals.
The total consideration comprises a sum of approximately EUR 69 million, which was paid on closing, plus an adjustment to be paid based on the reviewed results of the acquired assets since 1 January 2016.
TBI is a consumer-focused financial group in Bulgaria and Romania with consolidated assets of EUR 272 million as of 30 June 2016, including EUR 175 million of customer loans. Funding is predominantly through customer deposits and customer accounts of EUR 169 million, representing 81% of total liabilities, as of 30 June 2016. Pro-forma summary financials for the combination of 4finance and TBI will be presented as part of the Group’s first half 2016 results publication at the end of August.
George Georgakopoulos, CEO of 4finance, commented:
“We are delighted to have completed the purchase of TBI Bank. This acquisition significantly increases our scale and profitability in two existing markets, Bulgaria and Romania, with a combined population in excess of 26 million.
“The Bank complements our existing consumer lending business and can help broaden our product range, for example into credit cards. It also has a strong deposit franchise and offers the opportunity to develop how we operate in other markets.
“This is an important strategic step as we build a sustainable business for the long term. We look forward to continuing the good relationship developed with the Bulgarian and Romanian regulators in recent months, and welcome TBI’s customers and staff to the Group.”
Notes to Editors
4finance is one of Europe’s largest and fastest growing online and mobile consumer lending groups with operations in 14 countries globally. Putting innovative data-driven analysis into all aspects of the business, 4finance has grown rapidly, issuing over EUR 3.0 billion to date in single payment loans, instalment loans and lines of credit.
4finance operates through a portfolio of market leading brands with strong regional presence including Vivus, SMSCredit and Zaplo. A responsible lender, offering simple, convenient and transparent products and service, 4finance is meeting growing customer demand from those under-served by conventional lending.
Established in 2008, 4finance has group offices in Riga (Latvia), London (UK) and Miami (USA), and operates in Argentina, Armenia, Bulgaria, the Czech Republic, Denmark, Finland, Georgia, Latvia, Lithuania, Mexico, Poland, Romania, Spain and Sweden. www.4finance.com
+44 (0)7766 697 950
Instinctif Partners (International Media)
David Simonson/Mark Walter
+44 (0)207 457 2020
Information om Business Wire
101 California Street, 20th Floor
CA 94111 San Francisco
Følg pressemeddelelser fra Business Wire
Skriv dig op her og modtag pressemeddelelser på mail. Indtast din mail, klik på abonner og følg instruktionerne i den udsendte mail.
Flere pressemeddelelser fra Business Wire
FL-MLB22.9.2018 00:15 | pressemeddelelse
American Airlines Announces Nonstop Philadelphia (PHL) to Orlando Melbourne (MLB)
NY-BCW/PALLADINO21.9.2018 19:45 | pressemeddelelse
Amy Palladino Joins BCW as Executive Vice President, Managing Director, Corporate Practice
HEIDELBERG-ENGINEERING21.9.2018 18:43 | pressemeddelelse
Heidelberg Engineering Announces the CE-Marking of ANTERION
JEDOX21.9.2018 17:48 | pressemeddelelse
Florian Winterstein Becomes New CEO of Jedox
AVINOR21.9.2018 16:39 | pressemeddelelse
Avinor to Test Autonomous Snowploughs at Oslo Airport This Winter
MA-TAKEDA-PHARMACEUTICAL21.9.2018 15:32 | pressemeddelelse
Takeda Receives Positive CHMP Opinion Recommending ALUNBRIG® (brigatinib) for the Treatment of ALK+ Non-Small Cell Lung Cancer in Patients Previously Treated with Crizotinib
I vores nyhedsrum kan du læse alle vores pressemeddelelser, tilgå materiale i form af billeder og dokumenter, og finde vores kontaktoplysninger.Besøg vores nyhedsrum