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”), a wholly-owned subsidiary to Resurs Holding AB (publ), 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 Holding 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.
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 Sofie Tarring’s, on 28 February 2018 at 08:00 CET.
About Resurs Holding:
Resurs Holding (Resurs), which operates through the subsidiaries Resurs Bank and Solid Försäkring, is the leader in retail finance in the Nordic region, offering payment solutions, consumer loans and niche insurance products. Since its start in 1977, Resurs Bank has established itself as a leading partner for sales-driven payment and loyalty solutions in retail and e-commerce, and Resurs has thus built a customer base of more than 5.5 million private customers in the Nordics. Resurs Bank has had a banking licence since 2001 and is under the supervision of the Swedish Financial Supervisory Authority. The Resurs Group operates in Sweden, Denmark, Norway and Finland. At the end of 2017, the Group had 763 employees and a loan portfolio of SEK 24.1 billion. Resurs is listed on Nasdaq Stockholm, Large Cap.