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4finance receives preliminary approval from Bulgarian central bank to purchase TBI Bank

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Autor: Bancherul.ro
2016-06-03 08:13

4finance receives preliminary approval from Bulgarian central bank to purchase TBI Bank (press release):

Riga, Latvia, 1 June 2016. 4finance Holding S.A. (the “Group”), one of Europe’s largest online and mobile consumer lending groups, has received approval from the Bulgarian National Bank to proceed with the purchase of TBI Bank EAD through the acquisition of 100% of TBIF Financial Services B.V. (“TBI” or the “Bank”).

Subject to various closing conditions, including approval from the Bulgarian Commission for Protection of Competition, the Group expects to finalise the purchase of TBI from its parent company, Kardan N.V., in July 2016. The purchase price of approximately EUR 75 million is payable on completion, subject to certain adjustments for audited results.

TBI is a consumer-focused bank in Bulgaria and Romania with assets of EUR 279 million as of 31 March 2016, including EUR 168 million of customer loans. Funding is predominantly through customer deposits of EUR 178 million, representing 83% of total liabilities, as of 31 March 2016. The Bank made a net profit of approximately EUR 4 million in the first quarter of 2016. These financials are based on unaudited figures and exclude the results of certain non-banking assets of TBI that will be transferred to Kardan prior to closing.

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 is headquartered in Riga, Latvia and operates in Argentina, Armenia, Bulgaria, the Czech Republic, Denmark, Finland, Georgia, Latvia, Lithuania, Mexico, Poland, Romania, Spain and Sweden.

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