Baltic expansion for IPF
CREDIT lender International Personal Finance has started trading in the Baltic state of Lithuania.
The Leeds-based business said the launch in Lithuania is an important milestone as it marks the first new country entry for IPF since the company’s strategy for growth was introduced in 2012.
It said the favourable business environment, clear regulatory, tax and funding arrangements plus a positive economic outlook were contributory factors in deciding to invest there.
IPF believes there is proven demand for shorter term, lower value loans from Lithuanian consumers who are currently underserved from other credit providers, and says it can service this demand by providing a simple, default-free product delivered directly to customers’ homes.
Chief executive Gerard Ryan said: “I’m delighted we have issued our first loan in Lithuania. 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 Poland to accelerate our operations and expect to have national coverage within 18 months of launch.”
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 Vilnius by David Broadbent, IPF’s finance director, earlier this week.
Initially operating out of Vilnius, IPF will shortly expand its operations into Kaunas, Lithuania’s second-largest city, in the second half of 2013.
IPF will publish its half year results on July 30.
