January 12 (SeeNews) - France-based Edenred, a company specialising in transactional solutions for companies, said on Friday its subsidiary UTA will establish its own operations in Bulgaria as part of the company's plan to expand its sales footprint in Eastern Europe.
As part of this plan, Edenred is also acquiring a 51% stake in its Poland-based distributor Timex Card through UTA, the company said in a statement.
Timex Card also operates in Estonia, Latvia, Lithuania and Ukraine.
"By becoming a majority shareholder in Timex Card and establishing its own operations in Bulgaria, UTA will be even closer to its clients and thereby be able to accelerate the development of its offer", Volker Huber, Chief Executive Officer of UTA, said in the statement.
Edenred Bulgaria, a 50/50 joint venture between Edenred and its Bulgarian peer VM Finance Group (VMFG) operates on Bulgarian market since 2003 and offers prepaid corporate services.
Germany-based UTA is an issuer of fuel and service cards for commercial goods transport and transportation of passengers.
Edenred offers solutions for employee benefits, fleet and mobility and corporate payment.