Bulgaria’s central bank has given the go-ahead to Luxembourg-registered consumer lending group 4finance Holding to indirectly take over Bulgarian small financial institution TBI Bank.

The acquirer will have to purchase 100% in Dutch-registered TBI Financial Services, which has the sole ownership in TBI Bank.

The deal received the nod after 4finance presented a development plan that envisages retaining the lender’s existing business model, the central said in a statement.

In March 2016, Kardan Financial Services agreed to offload TBI Financial Services, comprising the banking and retail lending activities of the Kardan Group for EUR69m.

TBI Bank operates from branches in Bulgaria, Romania, as well as has a subsidiary leasing company in Ukraine. Riga-based 4finance operates in 13 countries, primarily Europe.