Dollar Financial Corp acquires Folkia AS
Through this acquisition Folkia AS becomes part of the NASDAQ listed consumer finance group, Dollar Financial Corp.
Folkia was founded in Sweden in 2006 by the entrepreneur Hördur Bender, who has founded and sold several companies, including Mr Jet within the airline travel industry. Folkia is a leading company within small consumer loans in the Nordic area. The company has grown rapidly and will now play an important part in the continued European expansion of Dollar Financial Corp (DFC). DFC has been a leading company in small consumer loans for over 30 years, along with providing a number of other financial services to consumer markets in the USA, Canada, Great Britain and Poland. The acquisition of Folkia will expand DFC’s operations to include markets in the Nordic countries and parts of the Baltic’s.
‘DFC has worked within the consumer credit area for more than 30 years and operates in several countries where standards for consumer protection are high. This ensures an even higher level of confidence and security for our customers going forward. In addition, we now have the opportunity to be able to offer new services in the future that make everyday living easier,’ says Per Spångberg, managing director Folkia AS.
DFC serves customers through a network of close to 1 200 outlets in all of its markets and has an annual turnover of around 600 million USD, that means DFC is one of the leading companies in the US, Canadian and British markets. In these countries, the consumer credit markets and services are far more mature than in the Nordic countries and the Baltic’s. For Folkia this means access to unique know-how and experience for the continued development of new, everyday financial services.
‘This is an important step for Folkia,’ Per Spångberg continues. ‘Becoming part of a large international group that possesses extensive in-depth experience with the kind of products and services we offer, will provide us with opportunities to continue to develop our customer offering from a much stronger position in terms of resources and expertise. We will be able to more effectively compete with established companies such as major banks and their finance companies,’ he concludes.
The acquisition is subject to approval from the Norwegian Financial Supervisory Authority.
Link below to the Dollar Financial release on the acquisition of Folkia;
http://www.nasdaq.com/aspx/company-news-story.aspx?storyid=201008260730BIZWIRE_USPRX____BW5319
For further information please contact
Per Spångberg
CEO, Folkia AS
Direct phone: +46 (0) 588 581 50
Folkia AS is a Norwegian credit market company operating in Sweden, Norway, Denmark, Finland and Estonia. The company was founded in 2006 and turnover in 2009 amounted to approximately 115 million NOK. The Head office is situated in Oslo, while most of the organization is located in Stockholm. Folkia offers financial services that make everyday life easier for the consumer.