May 15 (SeeNews) - Bulgarian consumer loan company Easy Asset Management, which operates under the EasyCredit brand, said it has signed a deal to acquire Provident Financial Bulgaria, a unit of international consumer credit provider International Personal Finance (IPF) for an undisclosed sum.
The agreement is a subject to approval of the Bulgarian competition authority, Easy Asset Management said in a statement on Friday.
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"Our expectations are that the process of approval by the competition regulator would take about 4-5 weeks," the company added.
Easy Asset Management said it plans to combine the operations of both companies after completion of the deal but there will be no staff cuts at Provident.
According to Sofia-based Capital newspaper, Easy Asset Management has initiated the first step towards the deal, after exploring its options on the market for the past 3-4 years.
EasyCredit is present in Bulgaria, Romania, Macedonia, Ukraine, Poland and Czech Republic. In Bulgaria, EasyCredit employs over 3,500 credit consultants. The company has over 150 offices across the country.