Avida Finans AB (publ) (Avida), a specialist in consumer and SME financing, has today entered into an agreement to acquire the performing Swedish and Norwegian credit card business of Santander Consumer Bank AS, as well as the sales financing business that Santander Consumer Bank currently operates in partnership with Elkjøp in Norway and Elgiganten in Sweden. The acquisition increases Avida’s reach and creates new opportunities, particularly in credit cards and sales financing.
The acquired business includes approximately 450 000 private customers with a total outstanding performing loan volume of currently about 4 billion SEK.