The deal was signed between IPF and MCB on 6 February 2015, for GBP 23.8 million (about EUR 30.26 million). MCB head office will remain in Tallinn. The company will continue to be run by the existing management team, led by CEO Rami Ryhanen.
“I am excited about joining the IPF team and I am confident that MCB will benefit from IPF’s leading position in the market, 130 years of experience in consumer lending, and its strong and stable financial position. This transaction opens new attractive opportunities to MCB, its customers and employees,” Ryhanen said.
It is expected that MCB’s current brand Credit24 will retain its identity in its current markets to ensure continuity of services provided to MCB’s current customers.
MCB was established in 2006. The company offers consumer loans in Finland, Estonia, Latvia, Lithuania, and Australia. MCB has more than 80 employees.
IPF, whose main office is in Leeds, UK, was listed on the London Stock Exchange in July 2007 and took a secondary listing on the Warsaw Stock Exchange in March 2013. IPF operates in eight markets, including Poland, the Czech Republic, Hungary, Romania, Slovakia, and Mexico. IPF has about 7,000 employees.