Akman Finance ensures succession via sale to Credaris
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Zurich/Olten (ots)
Ilhan Akman, managing director of Akman Finance, is integrating his company into Credaris AG as part of a succession arrangement. Akman will support the transition process over a prolonged period. Following the announcement of the merger with Milenia on 23 June 2022, the move signals further growth in the Credaris AG portfolio.
Credaris and Ilhan Akman have signed a share purchase agreement, whereby Credaris will acquire 100% of the shares in Cashmoney Swiss AG, which is active in the Swiss credit market under the brand name Akman Finance. The move sees managing director Ilhan Akman integrate his family-owned business into Credaris, ensuring that his established credit intermediary can continue operating in the long term. In his role as managing director of Akman Finance, Ilhan Akman will be supporting and safeguarding the transition process for employees and clients alike over a period of several years.
The client takes centre stage
Akman Finance was set up by Ayhan Akman in 1998. His brother Ilhan Akman joined the company in 2002 and took over management in 2006. The family business has since established itself as one of Switzerland's largest credit intermediaries and is very well known among its target client group.
The recipe for this long success story is the company's commitment to building loyal and lasting client relationships. Combined with high standards, Akman Finance, particularly under the leadership of Ilhan Akman, has built and maintained an excellent reputation with credit providers and in the industry at large.
Combining two worlds
Although personal client relationships are the company's proven strength, Akman Finance is also embracing changing requirements in the areas of digitalisation and technology. This makes Credaris the right partner to ensure that Akman Finance can continue operating in a manner true to its tradition while at the same time making it fit for the future.
'I am delighted to have reached an agreement with Credaris for the continuation of my business. Thanks to Credaris' proven competencies, we can offer our clients and employees long-term prospects,' said Ilhan Akman.
High standards in a regulated market
'Akman and Credaris both share the same high standards and believe in lasting relationships built on trust. Akman Finance operates a sustainable business and has demonstrated over a period of many years how customer-centric credit intermediation works. In particular, Credaris will contribute its digital expertise to the partnership, helping to foster the growth and efficiency of Akman Finance's business,' said Marc Hallauer, CEO of Credaris.
'I am honoured that Ilhan Akman is trusting me and Credaris to continue his lifetime's work. I look forward to continuing to build on these valuable client relationships together with the staff at Akman Finance,' added Hallauer. Under Credaris' leadership, the plan is to recruit additional staff with the right profile for the client segment.
'We believe that the considerable loyalty shown by Akman's clients offers significant potential, which is why we are investing in the business,' said Hallauer.
Strong roots in Ticino
Although Akman Finance's personal customer service covers the whole of Switzerland, the company is characterised by strong roots in Ticino for historical reasons. Building on Credaris' traditional strength in German-speaking Switzerland and Milenia's in the French-speaking area, the integration of Akman gives Credaris a stronger footprint in the Italian-speaking region with a local sales organisation. 'This makes the integration of Akman Finance an excellent way to round off our nationwide positioning and offer our clients an attractive range of solutions,' added Hallauer.
Leading role in the upcoming process of industry consolidation
The acquisition of Akman Finance is a good fit for Credaris' strategy. 'We expect to see significant consolidation in the consumer loan intermediary industry, driven in particular by a need to invest in technology, regulatory pressures and age structures,' said Hallauer. 'As the largest credit intermediary, we offer a platform that achieves economies of scale for the benefit of all market participants, allowing us to make the necessary investments in professionalisation and digitalisation. Akman Finance's business is particularly well suited to this approach: while it complements the Credaris business model on the sales side, there is considerable synergy potential when it comes to processing. This will have a positive impact on the products and services we can offer our clients.'
Takeover of current business and migration to the Credaris platform
The business activities of Akman Finance will continue unchanged. Credaris is set to take acquire and maintain all of Akman Finance's locations and the company's employees. They will remain the point of contact for existing clients and will continue to provide individual support from Olten and Zurich, as well as within the sales force.
About Credaris AG
Credaris was set up in 2014 as part of the Comparis group of companies and has since established itself as Switzerland's largest credit intermediary. Credaris was sold to the existing management team at the beginning of 2022. This was followed by the acquisition of Milenia SA, the largest credit intermediary in western Switzerland, in June 2022. Credaris employs a total of around 80 staff at its offices in Zurich and Lausanne and currently arranges an annual lending volume of around EUR 400 million. Thanks to its long-standing cooperation with all major Swiss credit providers and its proven expertise, Credaris offers access to a comprehensive loan portfolio at attractive conditions.
Contact:
Silja Elmiger, BCW
silja.elmiger@bcw-global.com
+41 44 455 84 24