FOREX Bank transfers loan receivables and customer deposits to ICA Banken
FOREX Bank and ICA Banken have entered into an agreement on December 22[nd], 2020 for ICA Banken to acquire FOREX Bank's deposit and lending portfolios. The transaction, which according to the agreement will be completed during the second quarter of 2021, means that approximately 235,000 customers in FOREX Bank will become customers of ICA Banken.
After completion of the transaction, FOREX Bank will begin to phase out its banking operations and will later apply to be transformed into a payment institution [SE: betalningsinstitut].
The transaction will allow FOREX Bank to modernize and streamline the travel money offering, as well as its e-commerce operation.
The business volume that, according to the contract, will be included in the transfer amounted to approximately 15 bnSEK as of November 30[th] 2020, of which the deposit portfolio accounted for 8.8 bnSEK and the lending portfolio for 6.4 bnSEK. The impact on the result of the transaction will be based on the purchase price and the book value of the lending portfolio at the transfer date.
FOREX Bank has engaged with Lenner & Partners as financial advisor and Gernandt & Danielsson Advokatbyrå as legal advisor.
This information is such that FOREX Bank AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, on December 22[nd], 2020 at 1210 (CET).