Nordic Capital-backed Nordax completes acquisition of Bank Norwegian - creating a leading specialist bank in the Nordics | Nordic Capital

Nordic Capital-backed Nordax completes acquisition of Bank Norwegian - creating a leading specialist bank in the Nordics

NOVEMBER 02 2021

On November 2, 2021, Nordax’s public offer for Bank Norwegian was completed. This combined company will have the necessary scale and resources to be a leading force in shaping the future of consumer finance, offering innovative solutions that will challenge the large incumbent banks for the benefit of customers. Nordic Capital and Sampo look forward to continuing to support the combined business and see strong potential for further value creation.

The combination brings together two leading businesses with distinct but complementary strengths, creating a powerful digital platform for continued expansion. By capitalising on their respective strengths, collaborating and jointly innovating within the European banking sector, they will be able to further develop their already best-in-class digital customer experience.

Nordax was taken private by Nordic Capital VIII and Sampo in 2018, and in 2019 the Nordic Capital IX and Sampo became the largest shareholders in publicly listed Bank Norwegian (BANO). As committed and active owners, with extensive financial sector expertise Nordic Capital and Sampo fully support the combination of the two banks. The combined company will as of September 30, 2021, have approximately two million customers, around 470 employees and a total loan book of approximately SEK 65 billion.

“This is a milestone, not only for these two great companies, but for the financial services industry as a whole. By joining forces, both clients and employees will benefit from a scalable Nordic banking platform, enhanced service offering, innovative solutions and a best-in-class customer experience. Nordic Capital looks forward to realising the full potential and further supporting the combined company as it challenges the large incumbent banks with its more competitive customer offering”, says Christian Frick, Partner and Head of Financial Services, Nordic Capital Advisors.

“We are looking forward to partnering up with Nordax and our owners Nordic Capital and Sampo. A private setting will bring a more long-term view and the opportunity to take actions to fully realise the potential of our combined platforms” says Klara Lise Aasen interim CEO of Bank Norwegian.

“I am truly excited about the future and look forward to realising the opportunities for Bank Norwegian and Nordax. The combination brings together two leading operations with complementary strengths, creating a leading specialist bank in the Nordics”, says Jacob Lundblad, CEO of Nordax.

With Financial Services as one of its focus sectors, Nordic Capital brings extensive experience, a strong and active sector network and a dedicated team with local presence across Northern Europe. As one of Europe’s leading financial services investors, Nordic Capital has invested EUR 2.9 bn in 11 financial services companies since 2004. It has achieved repeatable success and developed thriving companies as evidenced by the performance of financial services companies such as Resurs Bank, Max Matthiessen, Bambora and Trustly, as well as the most recent investment Sambla Group.


Press contact:

Nordic Capital
Katarina Janerud, Communications Manager
Nordic Capital Advisors
Tel: +46 8 440 50 50

About Nordax:

Nordax Bank AB (publ) is a leading specialist bank in Northern Europe owned by Nordic Capital VIII and Sampo. Nordax has around 294,000 private customers in Sweden, Norway, Finland, Denmark and Germany. Nordax is a specialist bank that through responsible lending helps people make informed decisions for a life they can afford. It is a flexible complement to the major banks. Instead of quantity, Nordax has specialised in a few selected products: personal loans, mortgages, equity release products and savings accounts. Since 2019, Svensk Hypotekspension, which is a specialist in equity release products, is a wholly owned subsidiary of Nordax. Nordax has around 360 employees, practically all of whom work from a central office in Stockholm. The credit assessment process is one of Nordax’s core competencies. It is thorough, sound and data driven. Nordax’s customers are financially stable. As of 30 September 2021, lending to the public amounted to SEK 31.7 billion and deposits amounted to SEK 27.5 billion. For further information about Nordax, please visit

About Bank Norwegian:

Bank Norwegian is a fully digital bank that provides simple and competitive products to the retail customer market with a strong offering in personal loans, credit cards and savings. Norwegian Finans Holding ASA, operating through its subsidiary Bank Norwegian, was established in 2007 and was listed on Oslo Børs in 2016. Bank Norwegian has more than 1.6 million customers in Norway, Sweden, Denmark, and Finland. The business is based on leading digital solutions and analysis models, synergies with the airline Norwegian, attractive terms for its customers, cost-effective operations, and effective risk selection. For further information about Bank Norwegian, please visit

About Nordic Capital:

Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and selectively, Industrial & Business Services. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested more than EUR 19 billion in over 120 investments. The most recent entities are Nordic Capital X with EUR 6.1 billion in committed capital and Nordic Capital Evolution with EUR 1.2 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, the UK, the US, Germany, Denmark, Finland, and Norway. For further information about Nordic Capital, please visit

“Nordic Capital” refers to, depending on the context, any, or all, Nordic Capital branded entities, vehicles, structures and associated entities. The general partners and/or delegated portfolio managers of Nordic Capital’s entities and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as “Nordic Capital Advisors”.