Nordax bids $2.1 b for parent bank, Bank Norwegian

  |   Mergers & Acquisitions news

Sweden’s Nordax Bank offered, last Thursday, to buy Bank Norwegian in a cash transaction valued at $2.10 billion.

The the Swedish firm stated “Nordax strongly believes that Bank Norwegian will have excellent opportunities to further expand its business together with Nordax”.

Nordax had previously made undisclosed proposals to the board of Norwegian Finans, although Thursday’s offer was higher and contained fewer conditions.

Bank Norwegian is an online bank launched in 2007 by Norwegian Air Shuttle co-founder Bjoern Kjos, focusing primarily on consumer loans, credit cards and savings accounts.