OSLO,NORWAY: Bluestep Bank AB , a Swedish specialist mortgage provider, has announced that it has entered into an agreement to acquire Bank2 ASA (Bank2), a Norwegian specialist mortgage bank and refinancing services provider, for around NOK 1 billion.

Bank2 is a bank that provides specialist mortgages and refinancing services exclusively for the Norwegian market. The bank was established in 2005 and has a loan portfolio of approximately NOK 4.5 billion per Q1 2023. Bank2 operates under a banking license in Norway and is under the supervision of the Norwegian Financial Supervisory Authority.

The acquisition of Bank2 will strengthen Bluestep Bank’s position as a specialist mortgage provider in the Nordic region, and further increase the presence in the Norwegian market.

By combining Bank2’s deep market understanding and distribution capabilities in the Norwegian market with Bluestep Bank’s efficient operating platform and best-in-class funding, the combination will create a bank that is well positioned to capture the full potential of the demand for specialist mortgages in the Nordics and help even more customers to obtain innovative mortgage products.

Björn Lander, CEO Bluestep Bank, commented: “Today marks a significant milestone for Bluestep Bank as we announce the acquisition of Bank2. This highly strategic acquisition is a core pillar of our growth strategy and is fully aligned with our mission to help more customers to financial inclusion. The acquisition will further strengthen our position in the Nordics and enable us to provide even greater value and services to our customers. We look forward to joining forces with Bank2’s talented team and leveraging their capabilities to drive our continued success and help more customers to financial inclusion.”

Frode Ekeli, CEO Bank2, commented: “We believe the combination of Bank2 and Bluestep will create a strong organization and lay a solid foundation for better customer experiences and continued profitable growth within specialist mortgages. We look forward to contributing and use best practices and capabilities from both organizations to realize the full potential of the combined teams. Bank2’s commitment to addressing the interaction between financial inclusion, empowerment and mental health is very well aligned with that of Bluestep and will naturally continue also going forward.”

Bluestep Bank has entered into an agreement with the largest shareholders in Bank2, representing approximately 71% of the outstanding shares as of 21 June 2023. All other shareholders of Bank2 will receive an offer to sell their shares in Bank2 to Bluestep Bank on corresponding terms and conditions.

The transaction will be financed via a combination of available cash, a capital increase from the existing shareholders of Bluestep Bank as well as a roll-over of certain shareholders of Bank2 into an indirect parent company of Bluestep Bank. The resulting capital situation will be in line with previously communicated capital targets.

The transaction is subject to customary regulatory approvals by the Norwegian and Swedish Financial Supervisory Authorities and the Norwegian Competition Authority. Closing of the transaction is currently estimated to occur during second half of 2023.

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