OCTOBER 11 2023
Since Nordic Capital's acquisition of Nordax Bank in 2017, then a leading specialist bank group in the Nordics, it has been a hectic couple of years. The company has seen increasing revenues, expansion of its footprint into Northern Europe, and a rebranding into NOBA Bank Group. Jacob Lundblad, CEO of NOBA, reflects on Nordic Capital’s support to realise the company’s ambitious vision.
"Deep knowledge about our industry and a long-term perspective is key for being a good owner, and I think Nordic Capital differs from many others in those aspects and how they approach the value creation plan," said Jacob Lundblad, CEO of NOBA Bank.
The ambition at the time of Nordic Capital’s acquisition was to further develop NOBA’s best-in-class digital customers experience, invest in products and solutions that ensure responsible lending and financial inclusion, and create an industry leader. Together with the management team, a joint and coherent value creation plan was developed to achieve these goals.
"I think Nordic Capital has been instrumental in our journey and has really supported the management team in getting the value creation plan in place, by offering all their know-how, resources and connections," said Lundblad.
NOBA Bank Group, which now comprises Nordax Bank, Bank Norwegian, and Svensk Hypotekspension, is a leading niche bank group with a particular focus on financial inclusion, responsible lending, and sustainable organisation. The company’s impressive and enhanced portfolio of innovative products and services – long-duration loans, mortgages, credit card and deposit accounts – has made it a credible challenger to large incumbent banks for the benefit of customers.
EUR 595 million
Fund VIII, Fund IX