TF Bank buys Intrum’s share of Avarda AB

TF Bank AB announces today that it acquires Intrum’s 49 percent stake in the jointly owned company Avarda. The acquisition is part of TF Bank’s growth strategy in the Sales Finance segment. The acquisition price amounts to SEK 30 million.

– It is gratifying that we have reached an agreement with Intrum to acquire all of its shares in Avarda. The company has evolved into an exciting player in the Nordic market, not least shown by the latest deal with one of the largest retailers in the Nordics, Hobby Hall, says TF Bank's CEO Declan Mac Guinness.

About Avarda
Avarda offers financing solutions for retailers (e-commerce and retail) for handling invoice and instalment payments and is part of TF Bank’s Sales Finance segment. Avarda focuses its activities on the Nordic markets.

For more information about Avarda, visit www.avarda.com  

For further information, please contact:
Declan Mac Guinness, CEO, +46 707 22 82 97, declan.macguinness@tfbank.se
Mikael Meomuttel, CFO, +46 706 26 95 33, mikael.meomuttel@tfbank.se

TF Bank in brief
TF Bank is an internet-based niche bank offering consumer banking services through its proprietary IT platform with a high degree of automation. The company’s IT platform is designed for scalability and adaptation to different products, countries, currencies and digital banking solutions. TF Bank carries out deposit and lending activities with consumers in Sweden, Finland, Norway, Denmark, Poland, Germany, Estonia and Latvia through subsidiaries, branches or cross-border banking.

The information in this press release is published by TF Bank AB (publ) as required under the EU Market Abuse Regulation and, where applicable, the Securities Markets Act and / or the Financial Instruments Trading Act. The information was provided by the above contact persons for publication on November 6, 2017 at 13.15 CET.

About Us

TF Bank was founded in Sweden in 1987 for the purpose of offering financing solutions to customers who ordered goods from mail-order catalogues. Over time, the Group has grown both in terms of product offering, profit and geographical reach. Currently, TF Bank offers consumer banking services through a highly automated, in-house developed IT-platform designed for scalability and adaptability to different products, jurisdictions, currencies and digital banking solutions. TF Bank conducts banking operations with deposits and lending to private customers in Sweden and Finland, lending to private customers in Norway and Poland as well as cross-border lending in Denmark, Estonia and Latvia. The Group’s principal business is lending to the public through two segments: Direct to Consumer and Sales Finance. Direct to Consumer comprises mainly of loans of limited amounts to private customers. Sales Finance provides funding solutions for the handling of invoice and instalment payments.

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