Avida Finans AB (publ) has completed the planned acquisition of Santander’s credit card and sales financing business.

Avida Finans AB (publ) (Avida), has after all conditions in the agreement entered on September 18, 2024, including financing and regulatory approvals, have been fulfilled for the acquisition of Santander Consumer Bank AS's Swedish and Norwegian credit card operations, as well as the sales financing business that Santander Consumer Bank has conducted together with Elkjøp in Norway and Elgiganten in Sweden, has now been completed. The acquisition has been financed through a capital injection from Avida's owners and the incurrence of debt. 

From January 1, 2025, the acquired business that includes approximately 450 000 private customers with a total outstanding performing loan volume of currently about 4 billion SEK is operated by Avida.  

"For us at Avida, this is a historic milestone," says Mikael Johansson, CEO of Avida. "With this acquisition, we will expand our customer offering to include credit card and sales financing services. It will serve as an excellent platform for future growth. As part of the acquisition, we are also adding many competent new colleagues who bring valuable knowledge and experience." 

Mikael Johansson emphasizes the importance of the role Avida's strong ownership has played in making the acquisition possible. 

"With the support of our strong owners, we have developed an ambitious strategy and invested in technological development and our services. Through this acquisition, we have significantly increased our reach and scale in the consumer credit market in Sweden and Norway. At the same time, we remain humble in the face of the challenge ahead integrating the acquired business into Avida and fully realizing the strategic and financial benefits we have calculated." 

For further information, please contact:
Michael Grosche, Head of Communication and Investor Relations, phone: +46 70 307 29 36, email: michael.grosche@avida.se

About Avida

Avida is a specialist in consumer and SME financing, aiming to provide a seamless customer experience, both digitally and personally.

We are on a transformative and exciting journey in Avida. September 18, 2024, we entered into an agreement to acquire the performing Swedish and Norwegian credit card business of Santander Consumer Bank AS, as well as the sales financing business that Santander Consumer Bank currently operates in partnership with Elkjøp in Norway and Elgiganten in Sweden. The acquired business adds from January 1, 2025 approximately 450 000 new private customers and close to 50 new colleagues. When adding the new business, we now have approximately 210 employees with headquarters in Stockholm and offices in Oslo, Helsinki and Stavanger.

Avida is supervised by the Swedish Financial Supervisory Authority.