STOCKHOLM--(BUSINESS WIRE)--Regulatory News:
Within TF Bank’s (STO:TFBANK) Sales Finance segment there are a number of brands / merchants. The largest individual o-operation partner today is Consortio Fashion Group ("CFG") with brands such as Cellbes, Bubbleroom and Halens. Sales Finance represents approximately 18% of the TF Bank Group's total loan portfolio.
The Board of Directors of CFG has decided to phase out the Halens brand in order to implement a more long-term focus on the other brands and strategically strengthen CFG’s overall competitiveness. The proposed measure aims to expand investments in the two stronger and more niche brands, Cellbes and Bubbleroom, in order to create better conditions for strong growth and profitability. The change will take place gradually during 2017 and sales in Halens are scheduled to continue as normal during much of next year, while focus will be on simultaneously strengthening Cellbes and Bubbleroom.
TF Bank welcomes the focus on the two stronger and more niche brands of Cellbes and Bubbleroom. TF Bank assesses the impact on the TF Bank Group as very limited, partly because Sales Finance represents the smaller of the two segments and partly because the remaining brands of Cellbes and Bubbleroom already account for the larger share of the CFG co-operation. Furthermore, the increased investment in Cellbes and Bubbleroom is expected to strengthen CFG's competitive position in 2017 and beyond, something that TF Bank welcomes.
The information provided in this press release/report is such that TF Bank AB (publ) is required to disclose pursuant to the Swedish Financial Instruments Trading Act (1991:980), the Swedish Securities Markets Act (2007:528) and/or Regulation (EU) No 596/2014 on market abuse. The information was provided on November 15 at 20.00 CET.
About TF Bank
TF Bank is an online-based niche bank offering consumer banking services through a highly automated, in house developed, IT platform. The Company’s IT platform is designed for scalability and adaptability to different products, jurisdictions, currencies and digital banking solutions. TF Bank conducts banking operations with deposits and lending to retail customers in Sweden and Finland, lending to retail customers in Norway, Poland, Denmark, Estonia and Latvia.
As at September 30, 2016, TF Bank had an outstanding loan portfolio of SEK 2 357 million. TF Bank has grown its total operating income from SEK 272 million in 2012 to SEK 388 million in 2015, corresponding to a compounded annual growth rate of 13 percent.
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