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
STOCKHOLM, May 31, 2019 /PRNewswire/ -- 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.
This information was brought to you by Cision
http://news.cision.com
https://news.cision.com/tf-bank-ab--publ-/r/tf-bank-s-board-of-directors-adopts-merger-plans,c2828971
The following files are available for download:
https://mb.cision.com/Main/13973/2828971/1054469.pdf
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