Norion Bank AB ("Norion Bank") announced the entering of an agreement to acquire DNB Sweden's credit card portfolio on 9 December 2024. The acquisition is now completed.
Before the acquisition, Norion Bank's consumer segment managed approximately 24,000 outstanding credit cards. Through the acquisition, the total number of cardholders increases to approximately 95,000. The outstanding credit volume in the acquired portfolio amounts to approximately SEK 650 million. The acquired card business also complements Norion Bank's existing offerings with individual, active card programs. These programs provide access to exclusive partnership deals with TUI Sweden AB, one of Sweden's largest travel operators, and Wismo Automotive AB, exclusive agent to several well-known automotive companies in Sweden.
- We are very pleased to have completed this acquisition, which confirms the growth focus we have within the credit card business. The acquisition represents a strategically important step, providing opportunities to gain competitive edges on the market. We also look forward to continue to offer attractive solutions to our clients, who will benefit from a broader range of services and an enhanced customer experience with tailored services. Furthermore, the new partnership deals represent a new pillar in the bank's consumer business, and we are improving our ability to establish additional, attractive partner deals and collaborations, says Martin Nossman, CEO, Norion Bank.
The acquisition has no material impact on Norion Bank's result or financial position but is anticipated to contribute positively to Norion Bank's profitability from start.
For more information, please contact:
Peter Olsson, CFO
Phone: +46 73 712 04 46
E-mail: peter.olsson@norionbank.se
About Norion Bank
Norion Bank Group is a business-oriented Nordic financing bank. The Group's brands - Norion Bank, Walley and Collector - offer customized financing solutions that meet distinct needs in three customer segments: medium-sized corporates and real estate companies, merchants, and private individuals. As a specialist in financing solutions, Norion Bank Group is a leading complement to traditional large banks, with a vision of being the leading Nordic financing bank in its chosen segments.
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Norion Bank offers corporate and real estate loans, as well as factoring for medium-sized corporates and real estate companies. The Walley brand offers flexible payment and checkout solutions to merchants and private individuals. The Collector brand offers personal loans and credit cards to private customers, as well as savings accounts to private individuals and companies. Norion Bank Group (formerly Collector Bank) was founded in 1999 and has offices in Gothenburg, Stockholm, Helsingborg, Oslo and Helsinki. Business is conducted through Norion Bank AB (public), which is listed on Nasdaq Stockholm.
