Monday 25 March, 2019

Access Financial acquires Florida loan company for US$6.4 million

Access Financial CEO Marucs James says the acquisition provides Access Financial with a solid platform for expansion in North America.

Access Financial CEO Marucs James says the acquisition provides Access Financial with a solid platform for expansion in North America.

Access Financial Services has completed the acquisition of Florida-based finance company, Embassy Loans Inc for US$6.4 million.

The transaction was funded from proceeds of a $900 million global bond that was offered in October.

“The acquisition of Embassy is in keeping with AFS’s long-term strategy to diversify the company’s operations and revenue streams into markets where profitable opportunities for growth are identified,” Access Financial CEO Marcus James said in a press release.

James further said the acquisition provides Access Financial with a solid platform for expansion in North America.

“Embassy has a portfolio, tenured management team and robust IT systems,” Access financial added.

For the quarter ending September 30, 2018, Access Financial posted $178.9 million in net profit, 13 per cent more than it did during the comparative period of 2017.

Net operating income slightly increased during the review period, moving from $406.4 million in the comparative quarter of 2017 to $418.3 million in the quarter ended September 2018.

Operating expense declined by four per cent, down from $235.2 million in the quarter ending September 2017 to $224.4 million during the review period.

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