Resurs Bank closes the acquisition of the Norwegian niche bank yA Bank
On 15 July 2015, Resurs Bank entered into an agreement with the Norwegian OTC-listed yA Holding ASA regarding the acquisition of 100 percent of the shares in its two operating subsidiaries yA Bank AS and MetaTech AS (together “yA Bank”).
The acquisition has been approved by vote at yA Holding’s general meeting and Resurs Bank has received approval to close the acquisition from the Swedish Financial Supervisory Authority, the Financial Supervisory Authority of Norway and the Norwegian Competition Authority.
The acquisition closed on 26 October 2015. The purchase price amounted to a total of NOK 1.57 billion and has been financed through a combination of Resurs Bank’s existing funds and new share issues amounting to, in aggregate, SEK 1.25 billion. Resurs Bank’s total capital ratio amounts to approximately 15 percent following the completion of the acquisition.
“The acquisition of yA Bank is in line with Resurs Bank’s strategy to be the leading Retail Finance provider in the Nordics and results in a significant strengthening of the business in the Norwegian market. Norway will now become our second largest market with 25 percent of our loan portfolio, compared to 11 percent prior to the acquisition.” – Kenneth Nilsson, CEO of Resurs Holding.
For more information, please contact:
Kenneth Nilsson, CEO, firstname.lastname@example.org; +46 42 382000
Gunilla Wikman, IR, email@example.com; +46 707 638125
This press release contains information that the company is required to disclose in accordance with the law (1991:980) governing transactions in financial instruments and/or the Securities Market Act (2007:528). The information was published on 27 October 2015 at 17:15.
Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “believe,” “expect,” “anticipate,” “intends,” “estimate,” “will,” “may,” "continue," “should” and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although Resurs Holding believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors, which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice.
About yA Bank
yA Holdings’ operations include its two subsidiaries yA Bank AS and MetaTech AS. yA Bank AS is an Oslo based Norwegian niche bank with focus on consumer financing. The loan portfolio amounts to approximately NOK 3 billion and the company’s approximately 100,000 customers are offered retail deposits, consumer loans, credit cards and insurances. MetaTech AS is the group’s IT company, which builds and maintains bank systems, primarily to yA Bank AS, but also to a limited number of other customers. The companies have, in aggregate, 47 employees.