The total consideration comprises a sum of approximately €69m, which was paid on closing, plus an adjustment to be paid based on the reviewed results of the acquired assets since 1 January 2016.
TBI is a consumer-focused financial group in Bulgaria and Romania with consolidated assets of EUR 272 million as of 30 June 2016, including EUR 175 million of customer loans.
Funding is predominantly through customer deposits and customer accounts of €169 million, representing 81% of total liabilities, as of 30 June 2016. Pro-forma summary financials for the combination of 4finance and TBI will be presented as part of the Group’s first half 2016 results publication at the end of August.
4finance CEO George Georgakopoulos said: “We are delighted to have completed the purchase of TBI Bank. 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.
“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.”