4finance Holding, a Luxembourg-registered consumer lending group, has wrapped up the acquisition of Bulgaria’s TBI Bank after securing all necessary regulatory approvals.

 4finance purchased the lender through the acquisition of 100% of Dutch-registered TBIF Financial Services (TBI), which is the sole owner of TBI Bank.  TBI is in turn an affiliate of  Kardan.

4finance CEO George Georgakopoulos said:This acquisition significantly increases our scale and profitability in two existing markets, Bulgaria and Romania, with a combined population in excess of 26 million.

“The Bank complements our existing consumer lending business and can help broaden our product range, for example into credit cards. It also has a strong deposit franchise and offers the opportunity to develop how we operate in other markets.”

4finance paid about €69m for the purchase of TBI.  It will also pay an adjustment depending on the reviewed results of the acquired assets since 1 January 2016.

TBI, a consumer-focused financial provider, operates in Bulgaria and Romania. As of 30 June 2016, the bank managed consolidated assets of €272m that includes €175m of customer loans.

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“This is an important strategic step as we build a sustainable business for the long term. We look forward to continuing the good relationship developed with the Bulgarian and Romanian regulators in recent months, and welcome TBI’s customers and staff to the Group,” Georgakopoulos added.