Expander Advisors with new investor
Aviva has signed an agreement with Innova Capital to acquire 100 percent stake in Expander Advisors – one of the largest networks of financial advisors in Poland. In pursuance of its development plan, Expander gain a new capital and product partner. The transaction is conditional and it will concluded following a clearance from Poland’s Competition and Consumer Protection Office.
– Collaboration with strong and renowned partner as Aviva is a guarantee of implementation of the long-term strategy to strengthen leadership in financial advisory market in Poland. Through the transaction we gain unique competitive advantage – we become the first company in our sector with so strong ability to create unexampled financial solutions for clients – said Andrzej Oślizło, CEO, Expander Advisors.
The investment is another milestone in the implementation of Aviva strategy in Poland, regarding multi-channel distribution of insurance and other financial products, with focus on owned and tied channels. Aviva Poland continues to develop and invest in its own network of tied insurance agents, in the direct platform selling products by phone and online, and, from 2014, also in a new network of branches
– Aviva Centre of Finance.
– Several months of operations of Aviva Centre of Finance proved that our business model was right. Our shareholders acknowledged this and gave us green light to expand the network offering insurance, investment products, mortgages and consumer loans. Acquiring one of the best networks of financial advisory in Poland accelerates execution of this strategy. Today we announce another phase of Aviva growth in Poland. We appreciate the product offer and customer relations standards developed by Expander. By continuing advisory business model based on independence and merging best practices from both our companies we will offer clients the highest level of services – said Adam Uszpolewicz, CEO, Aviva Poland.
Expander is the most experienced independent network of financial advisory in Poland. Being in business from 15 years, Expander is now operating 89 offices in 50 Polish cities and offers polish customers products from tens of financial institutions. Every 1 in 10 mortgages in the country is sold through its channels.
The optimal future business model will be elaborated after obtaining Poland’s Competition and Consumer Protection Office approval and purchasing a 100 percent stake in Expander. The planned change of owner does not affect the daily operations of Expander. Aviva Centre of Finance branches also continue their “business as usual” approach.
– Target business model for Expander and Aviva Centre of Finance will be an effect of full collaboration from both sides. We will present the outcome to all our stakeholders: staff, customers and the public. Our goal is to maintain the business model based on independence – Adam Uszpolewicz said.