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Easy Asset Management, commonly referred to by its brand name Easy Credit, acquired its biggest competitor Provident Financial Bulgaria, part of IPF, one of the leading British non-banking financial institutions. Provident’s business model of short-term lending at the customer’s home is very similar to the one of Easy Credit. The deal was approved by the Competition Protection Commission.
Following the acquisition, Easy Credit grew its team of over 3500 with additional 800 employees and credit consultants. Тhe CEO of Easy Credit pointed out the deal brings good opportunities for enhancement of the sales structure not only in terms of geographical coverage, but also combining the best practices and business know-how of both companies.
Drawing on its experience in business transformations, the company set up a dedicated integration team. Their task is to ensure smooth transition of business processes and workforce to further develop the business model of home collected lending and ultimately to guarantee the best customer service and experience. This brings us closer to our goal to turn Easy Credit into one of the fastest developing technologically-enabled providers of financial services in Bulgaria, the CEO said.
According to a leading Bulgarian media*, following the deal Easy Credit will match the biggest market players in the consumer lending industry in Bulgaria in terms of income.