International Personal Finance (IPF), a leading international provider of consumer credit in growth markets across Europe and Mexico, has commenced trading in Bulgaria.
Bulgaria is the company’s latest new market entry and its launch comes shortly after the company commenced its operations in Lithuania earlier this year.
IPF believes Bulgaria offers a significant business opportunity as it has a growing economy, a customer base presently underserved by existing providers of consumer credit and a well-educated and ambitious workforce.
By providing a simple, transparent product delivered directly to customers’ homes, IPF will service this demand for shorter term, lower value loans at the customers’ convenience.
Alongside its investment in Lithuania IPF expects to invest around £4-5M in its Bulgarian operations in 2013 and will become a significant employer in the personal finance sector once the business is fully established.
Gerard Ryan, Chief Executive Officer, IPF, said of the launch: “I’m delighted we have issued our first loan in Bulgaria, which was achieved within five months of taking the decision to launch operations in this growing market. It shows the business is capable, and has an appetite, to quickly enter new markets as part of our growth strategy.
“We identified a clear gap in the consumer credit market and believe there is an opportunity to build a very successful business here. Our proposition is quite distinct; we offer a very transparent, flexible product that meets the needs of consumers and has no hidden charges or fees. We meet with and establish a relationship with every single customer that we lend to.”
“We are leveraging our existing infrastructure in Romania to accelerate our operations and look forward to meeting the needs of over 100,000 customers at maturity.”
IPF will trade as Provident, replicating the use of the Provident brand name in its other international markets.
The company’s first branch was opened in Sofia by Gerard Ryan, on Wednesday 11 September. Initially operating out of Sofia, IPF will expand its operations into Plovdiv by the end of the year before expanding eastwards into the coastal cities of Burgas and Varna.
Further information
Contact Nick Jones, Head of Communications, International Personal Finance
+44 (0) 113 285 6815
