The Boards of Directors of Resurs Bank AB (publ) (“Resurs Bank”), a wholly-owned subsidiary of Resurs Holding AB (publ), and its wholly-owned Norwegian subsidiary yA Bank AS (“yA Bank”), have on 3 April 2018 resolved to adopt a joint merger plan and merger report for a cross-border merger between the two companies. The merger will be implemented by Resurs Bank absorbing yA Bank. Following completion of the merger, the Norwegian business will be carried out through Resurs Bank’s branch office in Norway. On 28 February 2018, Resurs Bank and yA Bank announced an intention to merge the two companies.
The Boards of Directors of Resurs Bank and yA Bank have prepared a joint merger plan and merger report, which have been approved by Resurs Holding AB (publ) as the direct and indirect sole shareholder, respectively, of the companies. The merger is expected to be complete by 31 December 2018 at the latest.
The merger aims to simplify the group structure and is expected to enable a more effective utilisation of internal resources and knowledge transfer, a broader product offering under the trademark Resurs and optimisation of capital and liquidity utilisation within the Resurs Holding group. Completion of the merger entails that the regulatory capital requirement is reduced by 0.6 percentage points due to reduced buffer requirements, corresponding, in absolute terms, to SEK 160 million. At the same time, the capital ratio is strengthened by 0.3 percentage points due to the foreign exchange exposure being reduced, corresponding to SEK 70 million.
The implementation of the merger is subject to required permits and approvals.
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 Resurs has thus built a customer base of more than 5.5 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 2017, the Group had 763 employees and a loan portfolio of SEK 24.1 billion. Resurs is listed on Nasdaq Stockholm, Large Cap.