EDMONTON, Jan. 26, 2015 /CNW/ - Carfinco Financial Group Inc. ("Carfinco") (TSX: CFN) announces today that the Bank of Spain has approved the acquisition of Carfinco by Banco Santander, S.A. (CATS: SAN, NYSE: SAN, BATS-CHIXE: SANE) pursuant to the previously announced plan of arrangement (the "Plan of Arrangement"). Remaining closing conditions to the Plan of Arrangement include the sale of Carfinco's US business. Carfinco continues to work diligently towards completing the sale of Carfinco's US Business and satisfying all other outstanding conditions. Carfinco remains confident that the Arrangement could be completed within the timelines outlined within the Arrangement Agreement.
About Carfinco Financial Group Inc.
Carfinco focuses on providing indirect consumer vehicle loans to borrowers unable to obtain financing through traditional lending sources. A network of select independent and franchise dealerships offer Carfinco's payment plans to their customers who must, along with the vehicle, meet Carfinco's underwriting guidelines. The shares of Carfinco trade on The Toronto Stock Exchange under the symbol "CFN".
Caution Regarding Forward-Looking Statements – This news release contains certain forward-looking statements, including statements regarding Carfinco's on-going compliance with the terms of the Arrangement Agreement with Santander, the satisfaction of the conditions set forth therein, and the completion of the transactions contemplated thereby and in the timelines contemplated therein. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements.
SOURCE Carfinco Financial Group Inc.
For further information: Mr. Tracy A. Graf, CEO & Director of Carfinco Financial Group Inc., Telephone: 1-888-486-4356, Facsimile: 1-888-486-7456, E-mail: [email protected], Web site: www.carfinco.com