Nordic Capital-backed Nordax Bank completed the acquisition of Norwegian Finans for $2.23bn.

Nordic Capital-backed Nordax Bank, a bank that provides unsecure consumer loans, mortgages, and deposits, completed the acquisition of Norwegian Finans, a bank offering services in the form of consumer loans, credit cards and deposits to retail customers, for $2.23bn. “We are deeply impressed with the significant achievement of Bank Norwegian management and employees in developing the company to its current position as a leader in the Nordic consumer finance market. Bank Norwegian has a solid track record of profitable growth, proven scalability of its platform, and resilience in the face of Covid-19 and the current macroeconomic environment. Our interest in Bank Norwegian is driven by our conviction that the transaction will lead to long-term sustainable growth for the combined bank, backed by our supportive owners," Jacob Lundblad, Nordax CEO. On July 14, 2021, Nordax Bank offered an improved bid to acquire Norwegian Finans Holding for $2.23bn. Nordax offered to pay $12 per share representing a premium of 37.2%.