TF Bank initiates process to simplify its group structure
The Board of Directors of TF Bank has decided to initiate a process to simplify the group structure by merging TF Bank with its wholly-owned subsidiaries BB Bank ASA, Avarda AB and Avarda Oy. The intention is to carry out the mergers during the fourth quarter of 2019.The operations of BB Bank will be transferred to a newly started branch in Norway through a cross-border merger. The operations of Avarda will be merged with TF Bank AB in Sweden and TF Bank AB, Finland branch. The purpose of the mergers is to simplify the group structure and enable a higher internal efficiency, to be able