4finance Further Enhances Corporate Governance Framework
4finance Group S.A. (the “Group”), Europe’s largest online and mobile consumer lending group, announces the appointment of a new Chairman as well as changes to the committee structure of its Supervisory Board.
Lado Gurgenidze has been appointed as Chairman of the Group’s Supervisory Board, taking over from Nick Jordan. Nick remains a board member and has agreed to chair the Asset & Liability Committee (the “ALCO”), one of two new Supervisory Board committees established this month. Lado joined the Supervisory Board in July 2017 and has played an active role, particularly in helping to deploy international best practices in governance and reporting within the firm.
The establishment of the ALCO recognises the Group’s need to diversify its sources of funding to support future growth, in particular as the business expands its near-prime portfolio. It will also be critical in facilitating a deeper engagement with the Group’s bondholders. The brief of the Audit Committee has also been expanded, establishing a roadmap for this committee to develop into an Audit & Risk Committee as the Group matures. Finally, a Nomination and Remuneration Committee has been established at the Supervisory Board level.
The charter of the Supervisory Board has been amended to reflect its evolving capabilities and its broader role in setting the strategic direction of the Group.
Lado Gurgenidze, Chairman of the Supervisory Board, commented:
“On behalf of the Supervisory Board, I would like to thank Nick Jordan for his leadership as chairman since the Supervisory Board was established just over a year ago, and we are grateful for his continuing strategic contribution to our funding activities as we look to sustain the future growth of the Group.
“The additional oversight responsibilities brought by these changes reflect what is expected of a world-class financial institution, which we aspire to be. The newly-established nomination and remuneration committee of the Supervisory Board has made significant progress in setting out a performance-based remuneration policy for the key executives. This will serve the Group well in recruiting and retaining exceptional talent and fostering a meritocratic culture.
“The Supervisory Board will work hard to provide the right support, guidance and strategic oversight to the company as we aim to take 4finance to the next level.”
Mark Ruddock, CEO of 4finance commented:
“The establishment of a world-class corporate governance framework, and the strengthening of the role of our Supervisory Board are important elements in laying the foundation for the future of 4finance. Lado’s contribution in developing this has been very welcome.”
The changes outlined above are effective as of 1 October 2017 and details of the Group’s board and management structure are available on its website at www.4finance.com.
Notes to Editors
Established in 2008, 4finance is the largest and fastest growing online and mobile consumer lending group in Europe with operations in 17 countries. Putting innovative data-driven analysis into all aspects of the business, 4finance has grown rapidly, issuing over EUR 4 billion to date in single payment loans, instalment loans and lines of credit.
4finance operates through a portfolio of market leading brands with strong regional presence including Vivus, SMSCredit and Zaplo. A responsible lender, offering simple, convenient and transparent products and service, 4finance is meeting growing customer demand from those under-served by conventional lending.
4finance has group offices in Riga (Latvia), London (UK) and Miami (USA), and currently operates in Argentina, Armenia, Bulgaria, the Czech Republic, Denmark, the Dominican Republic, Finland, Georgia, Latvia, Lithuania, Mexico, Poland, Romania, Spain, Slovakia, Sweden and the USA. The group also provides consumer and SME lending through TBI Bank, its EU licensed banking operations in Bulgaria and Romania.
For more information, please contact:
4finance (Investor Relations)
+44 (0)7766 697 950
Instinctif Partners (International Media)
+44 (0)20 7866 7887
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