STOCKHOLM, Jan. 23, 2020 /PRNewswire/ -- TF Bank has
simplified the legal structure of the group by completion of the
mergers of the three wholly owned subsidiaries BB Bank ASA, Avarda
AB and Avarda Oy.
TF Bank announced on the 21 March
2019 that the board of directors had decided to initiate a
process to simplify the legal structure of the group by merging TF
Bank and the wholly owned subsidiaries BB Bank ASA, Avarda AB and
Avarda Oy. All three mergers have now been completed. The purpose
of the mergers is to:
- enable a higher internal efficiency;
- to be able to gather more products under the TF Bank brand;
and
- clarify the group's offer in the various markets.
Following the mergers, BB Bank ASA, Avarda AB and Avarda OY has
been dissolved and all of their rights and obligations have been
taken over by TF Bank AB in accordance with applicable Swedish,
Norwegian and Finnish law. BB Bank ASA's operations will continue
to be conducted by TF Bank AB, Norwegian branch and Avarda's
operations will continue to be conducted, respectively, by TF Bank
AB and TF Bank AB, Finnish branch.
The information was provided for publication on 23 January 2020 at 08:00
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 more than 2 million consumers in
Sweden, Finland, Norway, Denmark, Estonia, Latvia, Lithuania, Poland, Germany and Austria through subsidiary, branch or
cross-border banking. In its Ecommerce Solutions segment, TF Bank
offer next-generation payment and checkout solutions for online
retailers in the Nordics, Estonia
and Poland, and also credit cards
in Norway and Germany. TF Bank is listed at Nasdaq
Stockholm.
For further information, please contact:
Mikael Meomuttel
CFO and Head of Investor Relations
+46-(0)70-626-95-33
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