Nordnet closes the sale of the unsecured lending portfolio to Ikano Bank
Following approval from relevant authorities, Nordnet can now close the sale of the unsecured lending business to Ikano Bank. The purchase price amounts to approximately SEK 3.5 billion.
In October 2023, Nordnet announced a strategic review of the unsecured lending business, including a potential sale of the business. In April 2024, Nordnet announced that an agreement had been reached to sell the unsecured lending portfolio to Ikano Bank. Following approval from the Swedish Financial Supervisory Authority, the Swedish Consumer Agency and the Inspectorate of Strategic Products the sale closes on 1 October 2024.
"The regulatory approval process has progressed according to plan, and we can now close the sale of the unsecured lending business to Ikano Bank. This transaction is in line with our strategic focus, as unsecured lending is an increasingly smaller part of our business, and the product does not have a strong enough connection with our other operations. With this transaction, we free up capital and can direct our focus solely toward our core savings and investments business", says Lars-Åke Norling, CEO of Nordnet
The purchase price amounts to approximately SEK 3.5 billion which is equivalent to 101.6 percent of the lending volume. As of 30 September, the lending volume amounts to approximately SEK 3.4 billion and the number of customers is approximately 23,000.
The transaction will have a positive effect of approximately SEK 80 million on Nordnet's income statement on the closing day excluding impairments and including costs associated with the transaction. The effect on Nordnet's income statement including impairments and costs associated with the transaction will be approximately SEK -30 million. Nordnet's risk-weighted total capital requirements are expected to decline by approximately SEK 350 million after the transaction.
Nordea Bank Abp, Swedish branch acted as financial advisor and Cederquist as legal advisor to Nordnet. Vinge acted as legal advisor to Ikano Bank.