Norion Bank AB ("Norion Bank") has entered into an agreement to acquire DNB Sweden's credit card portfolio and strengthens its position in the consumer finance market in Sweden. Norion Bank's consumer segment currently manages approximately 24,000 outstanding credit cards. After completion of the acquisition, the total number of cardholders will increase to approximately 100,000. The outstanding credit volume in the acquired portfolio is estimated to reach approximately SEK 700 million upon the transaction's completion. The acquired card business will also complement Norion Bank's existing offerings with individual, active card programs. These programs provide access to exclusive partnership deals with TUI Sweden AB, one of Sweden's largest travel operators, and Wismo Automotive AB, exclusive agent to several well-known automotive companies in Sweden.
- We are pleased to present this acquisition, which represents a strategically important step in significantly strengthening our credit card business. Furthermore, we can offer increasingly attractive solutions to our clients, who will benefit from a broader range of services. The partnership deals represent a new pillar in Norion Bank's consumer business, and we are also improving our ability to establish additional, attractive partnerships and collaborations, says Martin Nossman, CEO, Norion Bank.
The acquisition is expected to be completed during the first quarter of 2025 and is anticipated to contribute positively to Norion Bank's profitability from start.
About Norion Bank
Norion Bank Group is a business-oriented Nordic financing bank. The Group's brands - Norion Bank, Walley and Collector - offer customized financing solutions that meet distinct needs in three customer segments: medium-sized corporates and real estate companies, merchants, and private individuals. As a specialist in financing solutions, Norion Bank Group is a leading complement to traditional large banks, with a vision of being the leading Nordic financing bank in its chosen segments.
Norion Bank offers corporate and real estate loans, as well as factoring for medium-sized corporates and real estate companies. The Walley brand offers flexible payment and checkout solutions to merchants and private individuals. The Collector brand offers personal loans and credit cards to private customers, as well as savings accounts to private individuals and companies. Norion Bank Group (formerly Collector Bank) was founded in 1999 and has offices in Gothenburg, Stockholm, Helsingborg, Oslo and Helsinki. Business is conducted through Norion Bank AB (public), which is listed on Nasdaq Stockholm.
Norion Bank AB