Resurs Bank planning to sell delinquent receivables
Resurs Bank, a wholly owned subsidiary of Resurs Holding, has entered into forward flow agreements with credit management companies Alektum Group, Axactor and Lowell, enabling them to recover some of the bank’s delinquent receivables in Sweden and Norway. The first transfer is expected to take place in January 2019. The transfers are expected to have a positive impact on Resurs Bank’s capital requirements, liquidity and earnings.
Some of Resurs Bank’s receivables that are more than 120 days past due will be sold to the credit management companies. The total quantity of outstanding debt under the agreements is SEK 550 million and the term of the agreements is 18 months. Selling the receivables will accelerate the conversion of receivables into cash flow and reduce Resurs Bank’s risk exposure.
Resurs Bank has not previously concluded forward flow agreements and the current portfolio of delinquent receivables will not be covered by the collaboration.
More information is available from:
Peter Rosén, CFO & Head of IR, peter.rosen@resurs.se +46 736 56 49 34
Sofie Tarring, IR Officer, sofie.tarring@resurs.se +46 736 44 33 95
About Resurs:
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 has thus built a customer base of approximately 5.8 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 the third quarter of 2018, the Group had 783 employees and a loan portfolio of SEK 27.5 billion. Resurs is listed on Nasdaq Stockholm.
This information is such information that Resurs Holding AB is required to disclose pursuant to the EU Market Abuse Regulation. The information was submitted for publication by the abovementioned contact person on 16 November 2018 at 10.00 CET.