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Mergers and acquisitions are increasingly the order of the day. The latest development in this arena features the acquisition of SevenDay Finans by BNP Paribas Personal Finance.
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About SevenDay’s Appeal for BNP Paribas
The Swedish consumer finance company SevenDay has been managing digital loan processing for its clients, ensuring that they get hassle-free funding. Their acquisition by BNP Paribas Personal Finance makes SevenDay part of Ekspres Bank, a commercial outlet of BNP Paribas Personal Finance that operates in the region. It is important to note that Ekspres Bank is part of a Scandinavian division that BNP Paribas owns.
BNP Paribas Personal Finance has been operating in Denmark since July 2014 as Ekspres Bank, which they acquired following the LaSer Group integration. Through their acquisition of SevenDay Finans, BNP Paribas Personal Finance now enters Sweden. As a result, SevenDay Finans AB becomes part of Ekspres Bank operations.
Since its establishment in 2007, SevenDay Finans AB has gradually expanded its consumer credit activities and savings products. The company boasts 6.4 billion worth of Swedish crowns (SEK) in terms of assets. For more than a decade before this acquisition, SevenDay provided credit, savings, and insurance products to its 70,000 customers.
Developments Around SevenDay’s Acquisition by BNP Paribas
According to the director of Ekspres Bank Nordics, Christophe Jehan, Sweden has established itself as a big market in the Scandinavian world. Hence, it is an important destination for business, and in particular for the advancement of Ekspres Bank.
This is therefore a timely decision for the BNP Paribas Personal Finance brand. The company intends to make the most of the situation through its activities and operations in general. The director further expressed that they are in every Scandinavian country. They can therefore provide each of their Nordic partners a structure and framework on a regional scale.
SevenDay Finans AB is the ideal partner to make this happen due to its expertise and professional experience gained over the years, especially in the brokerage field. Laurent David, BNP Paribas Personal Finance CEO added, “We are proud and happy to bring on board the SevenDay Finans teams in personal finance. We expect that they will develop a completely new chapter of our company.”
He believes that through the acquisition, Ekspres Bank will grow by leaps and bounds. He believes this is especially true for expanding its provisions to savings products. The move, moreover, comes about in an effort to consolidate the Ekspres Bank position in the Scandinavian credit market.
The BNP Paribas acquisition of SevenDay Finans came about because of the ambitions of company management to participate in the region. They knew that bringing the Swedish people into the responsible and effective solutions that define the larger enterprise was a long-held dream for investors, mainly because of the region’s stable economy.
More About SevenDay Finans AB
SevenDay is a niche bank, an extension of the Express Bank branch in Sweden. It is supervised by the Danish Financial Supervisory Authority, which is comparable to the Swedish Financial Supervisory Authority.
Due to their lucrative savings and quality loans issued without collateral, this makes them a popular competitor in the Swedish market. SevenDay brings on board fifty staff with the Danish Ekspres Bank. They will be in charge of what happens following the company’s acquisition by BNP Paribas.
The bank has a good reputation in the region, having won the “Award Account of the Year” in 2015 as given by private business. As a result of this award, a huge milestone, they enjoyed an influx of customers. Its success is also attributed to the favored lending terms they give to their customers. SevenDay is a good alternative to big banks, especially because of its digitized operations. Put simply, customers don’t have to visit a bank office.
The Way Forward for SevenDay Finans and BNP Paribas
SevenDay Finans is a huge investment for BNP Paribas Personal Finance. The latter aims to make the most of its entry into the Swedish market through this acquisition. Additionally, having established itself as a great alternative to conventional banks, SevenDay is believed to be a game-changer for BNP Paribas Personal Finance.