Private equity investor Advent International has completed its acquisition of Southeast Europe-focused challenger lender tbi bank, a press release from tbi said, after receiving final regulatory clearance from the European Central Bank (ECB).

The deal, first announced in April 2025, closed after the ECB granted approval in mid-February, marking the final step in a transaction that had already secured clearance from the European Commission under EU merger rules in August last year.

Advent, one of the world’s largest private equity investors with more than €85bn in assets under management as of September 2025, is acquiring the Bulgarian-based digital lender from 4finance Holding S.A. for an undisclosed sum.

“Closing the deal marks an important milestone not only for our organisation, but also for the banking sector in the SEE region,” said Petr Baron, CEO of tbi bank. “Advent’s global experience in financial services will support us in accelerating our growth, further enhancing our products, and continuing to deliver smooth digital banking through our mobile and online platforms.”

tbi positions itself as a mobile-first challenger bank and alternative payments provider operating in Bulgaria, Romania and Greece. It combines consumer lending with retail partnerships, building an ecosystem that links financing and shopping. With more than 38,000 merchant partner stores and 2.7mn customers, the bank issued over 1mn loans in 2025. 

Advent said the acquisition strengthens its footprint in Central and Eastern Europe and builds on its track record of investing in regulated financial institutions and payments businesses.

“The completion of the acquisition of tbi bank reinforces Advent’s long-term commitment to Central and Eastern Europe, where we continue to deploy capital by combining deep local insight with global expertise,” said Milan Kulich, managing director at Advent. “We look forward to working with Petr, Ariel [Hasson, chairman of tbi’s supervisory board], and their team to further strengthen tbi’s position as a leading technology-driven bank in Southeast Europe.”

Alfred Dersidan, director at Advent, said the transaction “builds on Advent’s significant expertise of investing in regulated financial institutions and payments companies globally.”

“We believe tbi bank is well-positioned for its next phase of growth, and we are committed to investing further in its digital capabilities and customer offering,” Dersidan added.

Regional ambitions

tbi’s management said Advent’s backing would help expand cooperation with its merchant network and support the development of new consumer products.

With Advent’s support, the bank plans to “further strengthen cooperation with its network of 38,000 merchant partner stores across the region, providing customers with even more accessible, transparent, and flexible financial solutions,” the press release said.

In Bulgaria, tbi is known for its free daily banking package bundled into a “super app” and linked to a neon debit card, eliminating a range of traditional fees and offering digital financing options, including a fee-free instalment payment feature.

Hasson praised the management team for steering the lender through the sale process. “I would like to sincerely thank Petr Baron for leading the entire process with confidence, transparency, and outstanding professionalism. My gratitude also goes to the entire tbi bank team, who successfully navigated this transaction while continuing to deliver strong business results,” Hasson said.

“This team commitment, in addition to Advent’s support, strengthens my belief in our continuous growth,” he added.

In August 2025, the European Commission concluded the deal would not raise competition concerns in the EU’s internal market, noting that the parties held relatively modest market positions in Bulgaria, Romania and Greece.

In February 2026, the ECB granted preliminary authorisation to Bago (Luxembourg) S.à r.l., an Advent vehicle, to acquire a qualifying holding exceeding 50% of shares and voting rights in the lender, according to the Bulgarian National Bank. The final closing follows that approval.

In November 2025, tbi placed a €60mn public MREL bond on the Bulgarian market, the largest such issuance domestically, with a three-year maturity and a 7% fixed annual coupon. The offering attracted demand well above the initial €30mn-40mn target range, allowing pricing at the tighter end of guidance. Earlier in 2025, the bank had issued €34mn in 3.5-year MREL-eligible bonds, both transactions managed in-house.