News article

UKTI Sofia helps leading credit provider expand to Bulgaria

This world location news article was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

Through ongoing support, introduction to local legislation and establishing contacts, UKTI Bulgaria helped IPF enter the Bulgarian market.

UK Trade & Investment (UKTI) in Bulgaria helped International Personal Finance (IPF), a UK credit provider company through their overseas market introduction service. For IPF, the service involved:

  • setting up introduction meetings with important government offices
  • helping the company understand local legislation
  • supporting IPF develop their marketing strategy in Bulgaria
  • putting IPF in contact with local partners, and supporting them with approaching them

UKTI are also supporting IPF with their official launch event in Bulgaria in September, which the British Ambassador in Bulgaria Jonathan Allen will be attending. He will also be attending the opening of IPF branches across the country later in the year too.

Vlad Șandru, Senior Corporate Affairs Manager at Provident Financial Romania, the company whose international subsidiary IPF is, said:

We are very thankful for UKTI’s commitment in helping IPF expanding in Bulgaria by using its high standard expertise and resources. Their support contributed to our successful start of trading within the planned timeframe and we are now able to meet the expectations of our Bulgarian customers by providing credit in a responsible and well-managed way.

We view Bulgaria as a long-term investment and our intention is to achieve national coverage and have over 100,000 satisfied customers here in the coming years.

Tim Buisseret, Head of UKTI Bulgaria, commented:

We are very pleased that IPF chose UKTI as its main adviser in the research stage preceding the company’s launch in Bulgaria. The work with IPF is another example illustrating the UKTI expertise and capabilities of assisting UK businesses interested in stepping on the Bulgarian market.

UKTI is committed to continue helping IPF while expanding its business in the country and using its knowledge to provide an ongoing political and economic briefing for the company.

IPF is a leading international provider of consumer credit in growth markets that serves 2.5 million customers across Europe and Mexico.

If you are interested in expanding to the Bulgarian market, contact a trade advisor in UKTI Bulgaria to find out about the support and advice they can offer you.