STOCKHOLM, March 21, 2019 /PRNewswire/ -- The Board of
Directors of TF Bank has decided to initiate a process to simplify
the group structure by merging TF Bank with its wholly-owned
subsidiaries BB Bank ASA, Avarda AB and Avarda Oy. The intention is
to carry out the mergers during the fourth quarter of 2019.
The operations of BB Bank will be transferred to a newly started
branch in Norway through a
cross-border merger. The operations of Avarda will be merged with
TF Bank AB in Sweden and TF Bank
AB, Finland branch.
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 mergers are subject to customary regulatory approvals.
BB Bank was acquired by TF Bank in 2015 and offers consumer
loans and credit cards in Norway.
Avarda was fully acquired in 2017 and offers payment and checkout
solutions for online retailers in Sweden and Norway.
For further information, please contact:
Mikael
Meomuttel, CFO and Head of Investor Relations
+46-(0)-70-626-95-33
This is information which TF Bank is required to disclose
under the EU Market Abuse. The information was submitted for
publication, through the agency of the contact person set out
above, on 21 March 2019 at
18:00 CET.
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.
This information was brought to you by Cision
http://news.cision.com
https://news.cision.com/tf-bank-ab--publ-/r/tf-bank-initiates-process-to-simplify-its-group-structure,c2768567
The following files are available for download:
https://mb.cision.com/Main/13973/2768567/1011307.pdf
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