LONDON: In order to continue to develop the mortgage business and customer offering, Swedbank acquires the mortgage credit institution Stabelo.
Through access to a complementary brand, new technology and new channels for mortgages, the acquisition will help Swedbank reach more customers in the mortgage market.
Stabelo is an established actor in the mortgage market that reaches target groups where Swedbank sees great potential. The company has fully digital mortgage processes and distribution of mortgages under its own management and through partnership agreements.
“The acquisition of Stabelo gives us new opportunities to be able to meet more target groups of, among others, younger and more digital customers. At the same time, we can develop the company by putting Swedbank’s financial and knowledge resources behind an established brand,” says Tomas Hedberg, Deputy CEO of Swedbank.
The initial purchase price is SEK 350 million and the final purchase price will depend on Stabelo’s development up to and including 2028.
Stabelo currently has about 30 employees and will continue to operate in the mortgage market under its own brand. The company was founded in 2016 and Hampus Brodén will remain as CEO.
“It is an incredibly exciting day for Stabelo and all our employees. Having Swedbank as an owner will create opportunities for us to meet both new and existing customers with an even stronger offering,” says Hampus Brodén, CEO of Stabelo.
The acquisition is subject to approval by the relevant authorities.
Swedbank empowers the many people and businesses to create a better future. Our vision is a financially sound and sustainable society. Swedbank Group is the leading bank with over 7 million retail customers and 550 000 corporate customers in our four home markets Sweden, Estonia, Latvia and Lithuania. Swedbank Group is also present in other Nordic countries, the U.S. and China. Together we make your financial life easier.