Avida Finans acquires Santander’s Credit Card and Sales Financing Business
Avida Finans AB (publ) (Avida), a specialist in consumer and SME financing, has today 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 acquisition increases Avida’s reach and creates new opportunities, particularly in credit cards and sales financing.
The acquired business includes approximately 450 000 private customers with a total outstanding performing loan volume of currently about 4 billion SEK.
“This is an exciting next chapter on Avida’s journey. Supported by our owners, we have set an ambitious strategy and invested heavily in our tech platform and services. We are now expanding our customer offering to include one of the markets leading businesses within credit cards and point-of-sale financing. This will significantly increase our reach and size. We look forward to welcoming all our new customers as well as the group of highly skilled colleagues that will join the Avida family,” says Tine Wollebekk, CEO of Avida.
"We consider that the sale is mutually beneficial and a good fit for both parties, enabling Santander to reallocate focus and resources to growth opportunities within its core business products, whilst enabling Avida to pursue its own growth agenda. We will ensure that customers are fully updated in order to ensure a smooth transfer, says Michael Hvidsten, CEO of Santander in the Nordics.
Following regulatory approvals, the transaction is expected to take effect from 31st December 2024. The acquisition will be financed through capital contributions from Avida’s owners and by raising debt.
This disclosure contains information that Avida Finans AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 18-09-2024 09:58 CET.
For further information, please contact:
Tine Wollebekk, CEO, phone: +46 72 402 44 79, email: tine.wollebekk@avida.se
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. Our vision is to improve the customer's economy, and our mission is to offer insightful and cost-effective financial solutions at the right time, in the right place, and in the way our customers need. We currently have approximately 160 employees, with headquarters in Stockholm and offices in Oslo and Helsinki.
Avida is supervised by the Swedish Financial Supervisory Authority.