June 27 (SeeNews) - Bulgarian consumer loan company Easy Asset Management, which operates under the EasyCredit brand, said on Tuesday that it has received the competition regulator's approval to acquire Provident Financial Bulgaria, a unit of international consumer credit provider International Personal Finance (IPF).
After the ownership changes have been reflected in the Commercial Register, the acquisition will be considered as finalised, Easy Asset Management said in a statement.
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Easy Asset Management also said it plans to merge the operations of both companies upon the completion of the deal, adding that there will be no staff cuts at Provident.
The deal will streamline the company's commercial structure and geographical coverage in the country, Easy Asset Management noted.
EasyCredit is present in Bulgaria, Romania, Macedonia, Ukraine, Poland and the Czech Republic. In Bulgaria, EasyCredit employs over 3,500 credit consultants. The company has over 150 offices across the country.