Resurs Bank, a subsidiary of Resurs Holding, has been issued a publice adverse remark and been imposed a fine of MSEK 35 by SFSA.
The Swedish Financial Supervisory Authority (the “SFSA”) have decided to issue a public adverse remark and impose a fine of MSEK 35 on Resurs Holding’s subsidiary Resurs Bank. The reason for the SFSA’s decision is the fact that Resurs Bank, from November 2012 to September 2015, calculated and reported the capital adequacy ratio on a different level within the then prevailing group structure than required by applicable rules, as well as the fact that the CET 1 and total capital ratios, as an effect of the then prevailing group structure, did not comply with the relevant capital requirements during this period.
When Resurs Bank discovered the incorrect reporting in September 2015, the SFSA was informed and the error was corrected. The incorrect reporting has not caused any practical or financial consequences neither for the bank, its customers nor its owners. Information on this issue has been available in Resurs Holding’s financial report for the third quarter of 2015 and in the year-end reports of Resurs Holding and Resurs Bank, as well as in the prospectus regarding the listing of Resurs Holding on Nasdaq Stockholm in April 2016.
No provision for any fine has been made in Resurs Holdings or Resurs Bank’s accounts and therefore the fine will be charged to earnings in the third quarter of 2016. The holding entity within Nordic Capital, Cidron Semper Ltd, has undertaken to indemnify Resurs for any fine exceeding MSEK 20, i.e. MSEK 15, by providing an unconditional shareholder’s contribution.
For more information, please contact:
Ronny Persson, Legal counsel Resurs Bank +4642382064
Gunilla Wikman, Investor Relations Manager, firstname.lastname@example.org, +46707638125
|This information is information that Resurs Holding AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08.50 CET on September 13 2016.|
About Resurs Bank
Resurs Bank was founded in 1977 and is today one of the leading banks in retail finance. With attractive and flexible consumer finance and payment solutions in store and online, Resurs Bank has grown rapidly and has established collaborations with over 1,200 retail partners with a total of 35,000 stores. From the base in retail finance offer has evolved to also include personal loans, credit cards and savings accounts with a customer base of approximately 5 million private customers in the Nordic region. Resurs Bank has had a bank charter since 2001 and is under the supervision of the Swedish Financial Supervisory Authority. At the end of the second quarter of 2016 the loan portfolio amounted to more than SEK 19 billion.