Resurs Bank intends to carry out an intra-group cross-border merger with yA Bank AS
The Board of Directors of Resurs Bank AB (publ) (“Resurs Bank”) announces its intention to initiate a process to merge Resurs Bank with its wholly-owned subsidiary yA Bank AS (“yA Bank”), by a cross-border merger. The intention is to complete the merger during 2018.
Resurs Bank is expecting the proposed merger to enable a more effective utilization of internal resources and knowledge transfer, a broader product offering under the trademark Resurs and optimization of capital and liquidity utilization 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, in absolute terms, corresponding to SEK 160 million. At the same time the capital ratio is strengthen with 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. Provided that it is resolved to merge, the business in Norway will thereafter be carried out by Resurs Bank’s branch office.
Resurs Bank is the leader in retail finance in the Nordic region, offering payment solutions, consumer loans, saving accounts, credit cards and insurances. During 2015 Resurs Bank acquired the Norwegian niche bank yA Bank which offers its customers consumer loans, saving accounts, credit cards and insurance.
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.