Resurs Bank AB’s (publ) parent company, Resurs Holding AB (publ), has today resolved to update certain of its financial targets in light of that the merger between Resurs Bank and its wholly-owned Norwegian subsidiary yA Bank AS has now been registered.
As previously notified, on 3 April 2018, the Boards of Directors of Resurs Bank and yA Bank resolved to adopt a joint merger plan and merger report for a cross-border merger between the two companies, by way of Resurs Bank absorbing yA Bank. The Swedish Companies Registration Office has today, 30 November 2018, registered the merger. Accordingly, the merger is completed and has become legally effective.
Completion of the merger entails that Resurs Bank’s regulatory capital requirement is reduced by approximately 1 percentage point due to reduced buffer requirements and pillar II requirements. Against this background, Resurs Holding’s Board of Directors have today resolved to adjust certain of Resurs Holding’s financial targets in accordance with the below:
- Total capital ratio is lowered from more than 15% to more than 14%, and
- Common Equity Tier 1 ratio is lowered from more than 12.5% to more than 11.5%.
As a consequence, the given Common Equity Tier 1 ratio in the definition of return on tangible equity, RoTE, adjusted for nonrecurring costs, is adjusted from given 12.5% to given 11.5% Common Equity Tier 1 ratio.
Resurs Holding’s other mid-term financial targets remain unchanged. The financial targets in their entirety can be found on Resurs Holding’s webpage, www.resursholding.se.
It can be noted that as a result of the merger, yA Bank has been dissolved and yA Bank’s rights and obligations (including, but not limited to, its rights and obligations in relation to issued bonds traded at Nordic ABM) have been transferred to Resurs Bank in accordance with applicable Swedish and Norwegian legislation. The merger will also be registered with the Norwegian Register of Business Enterprises. For further information regarding the merger, see Resurs Bank’s press release dated 3 April 2018.
More information is available from:
Peter Rosén, CFO & Head of IR, email@example.com +46 736 56 49 34
Sofie Tarring, IR Officer, firstname.lastname@example.org +46 736 44 33 95
Resurs was founded in 1977 and is one of the fastest-growing niche banks in the Nordic region. During the 1980s, we pioneered the successful “interest free” retail finance concept, and today we are one of the leading Nordic retail finance banks, with about 5.8 million private customers across the Nordic region. From our core business in retail finance, we have expanded our product offering to also include savings accounts, insurance policies, consumer loans and credit cards. Resurs Bank is owned by Parent Company Resurs Holding and is part of the Resurs Holding Group.
This information is information that Resurs Bank AB is obliged to make public pursuant to the EU Market Abuse Regulation and in accordance with the Nordic ABG rules. The information was submitted for publication, through the agency of the contact person set out above, at 30 November CET on 09:00 2018.