TF Bank’s Board of Directors adopts merger plans

The Boards of Directors of TF Bank AB (publ) (“TF Bank”) and the wholly-owned subsidiaries BB Bank ASA, Avarda AB and Avarda Oy (“the Subsidiaries”) today announce that they have resolved to adopt joint merger plans with the intention to merge the Subsidiaries with TF Bank through an absorption.

The Board of TF Bank and the Boards of the Subsidiaries have today resolved to adopt joint merger plans between each subsidiary and TF Bank. The mergers will be implemented by TF Bank absorbing the Subsidiaries. Following the mergers, the businesses of Avarda Oy in Finland and BB Bank in Norway will operate through TF Bank’s existing Finnish branch and a new Norwegian branch, respectively. The mergers are expected to be completed by the turn of the year 2019/2020.

The purpose of the mergers is to simplify the group structure and enable a higher internal efficiency, to be able to gather more products under the TF Bank brand, and to clarify the group’s offering in the various markets.

The completion of the mergers is subject to necessary permits and approvals.

For further information, please contact:
Mikael Meomuttel, CFO and Head of Investor Relations +46 (0)70 626 95 33

TF Bank in brief
TF Bank is an internet-based niche bank offering consumer banking services and e-commerce solutions through a proprietary IT platform with a high degree of automation. The platform is designed for scalability and adaptability to different products, countries, currencies and digital banking solutions. TF Bank carries out deposit and lending activities for about 1 million consumers in Sweden, Finland, Norway, Denmark, Poland, Germany, Estonia, Latvia and Lithuania through subsidiary, branch or cross-border banking. In its E-commerce Solutions segment, TF Bank offers next-generation payment and checkout solutions for online retailers in the Nordics, Estonia and Poland. TF Bank is listed at Nasdaq Stockholm.

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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