Resurs Bank buys the Norwegian nichebank yA Bank | Nordic Capital

Resurs Bank buys the Norwegian nichebank yA Bank

JULY 16 2015

Resurs Bank has entered into a share purchase agreement with the Norwegian OTC-listed yA Holding regarding the purchase of all their assets, i e their subsidiaries yA Bank and Meta Tech at a price of NOK 1,57 billion (about SEK 1,65 billion), which is equivalent of 55 NOK per share.

Completion of the transaction is subject to the approval of an extraordinary general meeting of yA Holding by 2/3 majority and has been recommended by the board of yA Holding. The extraordinary general meeting is expected to be held within the next four weeks and shareholders holding shares representing more than 71% of yA Holding shares have undertaken to vote in favour of the transaction. The transaction is subject to approvals from relevant authorities and will be financed by existing means in Resurs Bank as well as by a new share issue guaranteed by the main owner Nordic Capital Fund VII.

The acquisition of yA Bank is inline with the strategy for Resurs Bank to be the leading Nordic Niche Bank in consumer finance and will substantially strengthen the Norwegian operation.

yA Bank is a Oslo-based, Norwegian nichebank with 47 employees focused on consumer finance. The loan portfolio amounts to NOK 3 billion and the 100.000 customers are offered savings accounts, consumer loans, credit cards and consumer insurance.

Kenneth Nilsson, CEO of Resurs Bank comments;

- We are very happy to make this acquisition. yA Bank is a well reputed company operating in the same areas as Resurs Bank. We have established operations in Norway, Finland and Denmark since earlier on and have been growing both organically and via acquisitions. We have a pan-nordic offer and a strong local presence in all countries. The acquisition of yA Bank constitutes an important step to continue building our leading position in the Nordic countries and will strengthen our Norwegian operation substantially. Resurs Bank including yA Bank will have a total loan portfolio of SEB 18 billion and 730 employees.

About Resurs Bank

Resurs Bank is currently one of the Nordic region's fastest growing niche banks and was born out of Resurs Finans, which introduced the interest-free concept in the mid-1980s. Through its cooperation with over 1,400 chains and 35,000 stores in the Nordic retail sector, Resurs Bank is market leader in consumer finance.  

Resurs Bank offers private customers unsecured loans and its own credit card, Supreme Card, which now has more than 140,000 customers in the Nordic region. Historically, the Bank's savings account has been characterised by high interest rates, which resulted in it being named "Savings Account of the Year" in 2004 and 2012 by the Swedish magazine Privata Affärer. In addition to consumer finance services, Resurs Bank offers companies business savings accounts and factoring services.

The Company conducts banking operations (licensed by the Swedish Financial Supervisory Authority) in Sweden, Denmark, Norway and Finland, and deposits from the public in Sweden. Resurs Bank was awarded a banking licence in October 2001. 

Nordic Capital Fund VI became the majority owner (55%) in 2012. Since then, Resurs Bank has conducted a number of acquisitions, including Ellos Finans, Finaref and DanAktiv, and the Company has about 680 employees at present.

The Company's annual lending volume is SEK 17 billion, while the credit portfolio amounts to SEK 13 billion.

For more information, please contact;

Kenneth Nilsson, CEO Resurs Bank +46 42-38 20 00