Resurs Bank and yA Bank AS will merge through an intra-group merger
The Boards of Directors of Resurs Bank AB (publ) ("Resurs Bank") and its wholly-owned Norwegian subsidiary yA Bank AS ("yA Bank"), have on 3 April 2018 resolved to adopt a joint merger plan and merger report for a cross-border merger between the two companies. The merger will be implemented by Resurs Bank absorbing yA Bank. Following completion of the merger, the Norwegian business will be carried out through Resurs Bank's branch office in Norway. On 28 February 2018, Resurs Bank and yA Bank announced an intention to merge the two companies.
The Boards of Directors of Resurs Bank and yA Bank have prepared a joint merger plan and merger report, which have been approved by Resurs Holding AB (publ) as the direct and indirect sole shareholder, respectively, of the companies. The merger is expected to be complete by 31 December 2018 at the latest.
The merger aims to simplify the group structure and is expected to enable a more effective utilisation of internal resources and knowledge transfer, a broader product offering under the trademark Resurs and optimisation of capital and liquidity utilisation within the Resurs Group. Completion of the merger entails that the regulatory capital requirement is reduced by 0.6 percentage points due to reduced buffer requirements, corresponding, in absolute terms, to SEK 160 million. At the same time, the capital ratio is strengthened by 0.3 percentage points due to the foreign exchange exposure being reduced, corresponding to SEK 70 million.
The implementation of the merger is subject to required permits and approvals.
Resurs was founded in 1977 and is one of the fastest-growing niche banks in the Nordic region. During the 1980s, we pioneered the successful “interest free” retail finance concept, and today we are one of the leading Nordic retail finance banks, with over 5.5 million private customers across the Nordic region. From our core business in retail finance, we have expanded our product offering to also include savings accounts, insurance policies, consumer loans and credit cards. Resurs Bank is owned by Parent Company Resurs Holding and is part of the Resurs Holding Group. In 2015, Resurs Bank acquired the subsidiary yA Bank.