Sweden's TF Bank AB (publ) unveiled plans to simplify its structure by merging with wholly owned subsidiaries BB Bank ASA, Avarda AB and Avarda Oy.
The plan will see the transfer of BB Bank's operations to a new branch in Norway, while Avarda's operations will be combined with parent TF Bank and its branch in Finland. Subject to regulatory approvals, the mergers are slated to take place in the fourth quarter.
The move will enable TF Bank to achieve higher internal efficiency, gather more products under the TF Bank brand and clarify the group's offering in various markets, the lender said March 21.
BB Bank, which was acquired by TF Bank in 2015, operates in Norway and offers consumer loans and credit cards. Avarda, which TF Bank fully acquired in 2017, provides payment and checkout solutions for online retailers in Sweden and Norway.