Resurs Bank, a wholly owned subsidiary of Resurs Holding, has signed an agreement for an expanded partnership with credit management company Axactor in Norway. The agreement comprises the sale of Resurs Bank’s delinquent receivables and credit card receivables in Norway. The first transfer is expected to take place in March 2020. The transfers are expected to have a marginally positive impact on Resurs Bank’s capital requirements, liquidity and earnings.
Resurs Bank’s loan receivables that are more than 90 days past due will be sold to Axactor under forward flow agreements, and credit card receivables will be subject to a solution rate grantee preceded by 90-day third-party debt collection. The total quantity of outstanding debt under the agreement is NOK 390 million and the term of the agreements is 12 months. Selling the receivables will accelerate the conversion of receivables into cash flow and reduce Resurs Bank’s risk exposure.
For additional information:
Christina Kassberg, CFO & Head of IR, christina.kassberg@resurs.se +46 42 38 20 00
Christina Jungvid Ohlsson, IR-Officer, christina.jungvidohlsson@resurs.se +46 70 781 65 58
About Resurs Holding
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 approximately 6 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 fourth quarter of 2019, the Group had 750 employees and a loan portfolio of SEK 31.3 billion. Resurs is listed on Nasdaq Stockholm.