Arion Bank acquires SPRON Factoring

Arion Bank has reached an agreement on the acquisition of SPRON Factoring. The acquisition is subject to the approval of the regulatory authorities.

In addition to be being a specialist in factoring, SPRON Factoring provides a range of services including the risk protection and management of accounts receivable, data and statistics on accounts receivable and debt collection. Another important service is the sale of credit insurance in collaboration with international insurance companies.

By acquiring SPRON Factoring, Arion Bank has added a vital component to its service offering. The company will continue to operate in its current premises at Suðurlandsbraut 12 for the time being. The entire workforce of SPRON Factoring will become employees of Arion Bank and Hrönn Greipsdóttir, the current managing director, will continue to head the business.

Factoring is well suited to export companies and SPRON Factoring’s systems are specifically designed to meet their needs. The Bank will also be well placed to service larger accounts receivable on the domestic market. Customers can access information on settlements and payment via the Bank’s website.

Höskuldur H. Ólafsson, CEO of Arion Bank
“It is of the utmost importance to us at Arion Bank that we can provide our customers with a wide range of financial services. By acquiring a strong and well run company such as SPRON Factoring the Bank is making an important addition to its service offering to companies who have business accounts with other companies. The SPRON Factoring team brings on board its expertise in the field of factoring and this will greatly benefit the customers of Arion Bank.”