“Capital relief of SEK 650 million is a strong signal to the market."
Today, July 31, 2024, Marginalen Bank has signed a risk sharing agreement with Christofferson, Robb & Company (CRC).
CRC was founded in 2002 and is today a leading investor in the market for bank risk sharing transactions in Europe.
In total, the securitisation corresponds to a transaction volume of approximately
SEK 1 billion, which is expected to result in capital relief for Marginalen Bank's consolidated situation of approximately SEK 650 million.
- Completing a transaction of this magnitude is a sign of strength and gives a very strong signal to the market about our position and capacity. This is a day of joy for the bank and the starting point for both an offensive and safe journey ahead," says Marginalen Bank's CEO Ewa Glennow in a comment.
Marginalen Bank acts as senior lender and funds under the management of CRC as junior lender. The receivables that are securitized will continue to be handled by Inkasso Marginalen and Sergel Kredittjänster. The transaction will therefore not affect the bank's borrowers.
In total, the securitisation corresponds to a transaction volume of approximately SEK 1 billion with underlying receivables of approximately SEK 2.7 billion. The underlying receivables are subject to the NPL Backstop regulations introduced on April 26, 2019.
The securitisation entails a capital relief, which as of June 30, 2024 would have been approximately SEK 100 million to successively increase to approximately SEK 650 million as of June 30, 2027.
There is no significant capital effect, i.e. the difference between book value and sales price.
External advisors on the transaction have been Advokatbyrån Vinge och Revel Partners.
For further information, contact:
Adnan Hadziosmanovic, CFO, +46 702 563 200 adnan.hadziosmanovic@marginalen.se
Haris Serhatlic, Head of Communications, + 46 701 721 736, haris.serhatlic@marginalen.se
About Marginalen Bank
Marginalen Bank Bankaktiebolag offers some of the market's best savings accounts, cards, insurance and various types of financing to people and companies. With the ambition to create greater margins in the customer's everyday life, Marginalen Bank purpose is to fulfill peoples goals and dreams. By creating a financial advantage for people and companies looking for a bank and a partner that doesn't just look at numbers, but just as much at ideas and the future - Marginalen Bank is also involved and contributing to a better world. The
Marginalen Bank group has 300 employees spread over offices in Stockholm, Skellefteå and Hudiksvall and is owned by the parent company Marginalen AB. Marginalen Bank Bankaktiebolag is certified according to ISO 9001:2015 and is under the supervision of Finansinspektionen (Financial Supervisory Authority). All deposit accounts are covered by the government's deposit guarantee.