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Skandiabanken ASA intends to apply for a listing on Oslo Børs


Skandiabanken ASA intends to apply for a listing on Oslo Børs

Bergen, 6 October 2015: Skandiabanken ASA ("Skandiabanken" or the "Bank") today announces its intention to launch an Initial Public Offering (the "IPO") and to apply for a listing on Oslo Børs.

Skandiabanken highlights

  • Skandiabanken is a branchless digital bank that offers everyday banking products to Norwegian retail customers
  • Skandiabanken offers a comprehensive range of products to individuals and households in Norway, including home loans, car loans, consumer loans and other credit products, payments and card services, deposit-based savings and investment products
  • The attractiveness of Skandiabanken's concept is proven by its consistent ranking as the leading Norwegian bank in terms of reputation and customer satisfaction[1]
  • Skandiabanken employs a conservative home loan lending policy with defined loan-to-value (LTV) limits resulting in a low exposure-weighted LTV ratio (55% as of 30 June 2015), with the majority of exposure towards liquid housing markets in and around Norway's largest cities
  • From 31 December 2012 to 30 June 2015, the Bank has nearly doubled its loan book from NOK 27 billion to NOK 53 billion, representing approximately 2.1% of the Norwegian household lending market excluding state lending institutions[2]
  • Skandiabanken's net profit in 2014, adjusted for certain one-off items, was NOK 354 million, an increase of 77% compared to the previous year. Furthermore, adjusted net profit was NOK 223 million in H1 2015, an increase of 25% compared to H1 2014

Offering background and highlights

In January 2015, Livförsäkringbolaget Skandia, ömsesidigt (the ultimate parent company of the Skandia Group, together with its affiliates the "Skandia Group") announced that it was considering a listing of Skandiabanken Aktiebolag (publ)'s Norwegian banking business (the "Norwegian Business"). As part of the preparations for the IPO, the Norwegian Business was transferred to Skandiabanken ASA on 5 October 2015.

The IPO will support Skandiabanken's growth plan, and is expected to secure a high-quality, diversified and long-term shareholder base. Furthermore, the Bank believes the IPO will enhance the Bank's profile with customers.

The IPO will comprise a public offering to institutional and retail investors in Norway, a private placement to institutional investors internationally and an employee offering towards eligible employees of the Bank. The majority of the transaction will be a secondary sell-down from the current owner, Livförsäkringbolaget Skandia, ömsesidigt.

Carnegie AS ("Carnegie") acts as Sole Global Coordinator in the IPO. Skandinaviska Enskilda Banken AB (publ.), Oslo Branch acts as Joint Bookrunner alongside Carnegie. DNB Markets, a part of DNB Bank ASA acts as Co-Lead Manager.

Advokatfirmaet Thommessen AS acts as Norwegian legal counsel to the Bank and the Selling Shareholders.

Further announcements relating to the IPO and listing process will be made in due course.

Magnar Øyhovden, CEO of Skandiabanken ASA commented:

Skandiabanken now becomes an independent Norwegian bank. In recent years we have demonstrated our ability to grow by offering easier and better banking services at competitive terms. We will now get the freedom and funding to continue the growth and develop the bank based on customer needs. We look forward to continue our role as the leading challenger to the traditional banks. We will maintain our comprehensive product offering, pricing policy, accessible online bank and award-winning customer service."

Øyvind Thomassen, CEO of Skandiabanken AB and board member of Skandiabanken ASA commented:

"I am proud that we have created a successful Norwegian challenger bank with the country's most satisfied customers. We would not have managed this without cooperation across the border. We have now reached a point where the Norwegian Business stands on its own, with strong growth and good profitability. Therefore, it is time for the Skandia Group to allow our life insurance customers to monetize on their investment by us selling the Norwegian bank."

Financial highlights

Skandiabanken's loan book has grown substantially over the three past years, growing at a 38.3% CAGR from 31 December 2012 to 31 December 2014. As of 30 June 2015, the Bank had loans to the public of NOK 53 billion and total assets of NOK 64 billion.

The Bank's net profit for 2014 (adjusted for certain one-off items) was NOK 354 million, an increase of 77% compared to 2013. Furthermore, adjusted net profit for the period increased to NOK 223 million in H1 2015, an increase of 25% compared to H1 2014.

NOK million 2012 2013 2014 H1 2014 H1 2015
Key P&L items (adjusted):          
Net interest income 466 557 842 412 459
Total operating income 628 729 997 483 536
Result before loan losses 221 308 536 263 317
Net income 148 199 354 178 223
Key balance sheet items:          
Loans to the public 26,685 43,506 51,050 47,158 53,014
Total assets 37,578 51,415 61,717 59,353 64,243
Total equity 1,293 1,653 2,680 2,149 3,101
KPIs (adjusted):          
Net interest margin 1.26% 1.30% 1.45% 1.48% 1.49%
Cost-to-income 64.8% 57.7% 46.2% 45.4% 40.8%
Total loan loss ratio 0.06% 0.09% 0.10% 0.09% 0.05%

Competitive strengths

      ·         Norway's #1 retail bank measured by reputation and customer satisfaction
                  -          The most satisfied banking customers in Norway every year since 2005 (EPSI) with 160,950 primary customers using Skandiabanken frequently as at 30 June 2015
                  -          The highest customer satisfaction in the Norwegian bank and finance sector since 2002 in the Norwegian Customer Satisfaction Barometer (Nw: Norsk Kundebarometer)
                  -          1 in every 5 Norwegian would consider using Skandiabanken as their main banking relationship[3], but only ~3% of the population is currently a primary customer
      ·         Interactive digital banking concept protects leading position
                  -          Intuitive and uniform platform enabling easy access on mobile devices and positioned for growing customer interaction through segmented content
                  -          All loan applications are submitted digitally and automatically processed
                  -          Efficient self-service oriented customer support system
      ·         High-quality loan book due to a conservative risk approach
                  -          Exposure-weighted LTV of 55% as at 30 June 2015
                  -          Majority of exposure towards the age group ranging from 35-49 years
                  -          Home loan portfolio mainly exposed towards liquid housing markets in and around Norway's largest cities
       ·         Digital and lean platform enabling economies of scale
                   -          No branches and 100% digital platform giving an efficient cost structure
                   -          Adjusted cost-to-income ratio improved from 65% in 2012 to 41% in H1 2015, with future improvements to primarily come from continued volume growth
      ·         Well positioned for lending growth through increasing share of customers' wallet
                  -          As at 30 June 2015, 65% of the Bank's primary customers had a savings account while only 25% had drawn upon a credit product, 21% had a home loan, 4% had a car loan and 1% had a consumer loan
                  -          The Bank's consumer loan product was successfully introduced in mid-April 2015
                  -          Considerable potential for further growth through increased product penetration among its existing customer base

Contact information

Magnar Øyhovden, CEO, Skandiabanken ASA, +47 959 40 038

Henning Nordgulen, CFO, Skandiabanken ASA, +47 952 65 990

Leif-Kjartan Bjørsvik, Chief Communication Officer, Skandiabanken ASA, +47 900 41 162

Please visit our Flickr-account for pictures.

About Skandiabanken ASA

In April 2000, Skandiabanken was launched as the first pure digital bank in Norway. Today, the Bank offers a comprehensive range of financial products and services to individuals and households in Norway within payments and card services, deposit-based savings, investment products, long-term loans and short-term loans. The Bank has no branches and all products and services are offered directly through the digital platform which is available on a broad range of user devices. As of 30 June 2015, Skandiabanken had 380,248 account customers with a balance, and total assets of NOK 64 billion. The bank is a wholly owned subsidiary of the Swedish Skandia Group. For more information, see


United States

These materials may not be published, distributed or transmitted in the United States, Canada, Australia, the Hong Kong Special Administrative Region of the People's Republic of China, South Africa or Japan. These materials do not constitute an offer of securities for sale or a solicitation of an offer to purchase securities (the "Shares") of Skandiabanken ASA (the "Company") in the United States, Norway or any other jurisdiction. The Shares of the Company may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"). The Shares of the Company have not been, and will not be, registered under the Securities Act. Any sale in the United States of the securities mentioned in this communication will be made solely to "qualified institutional buyers" as defined in Rule 144A under the Securities Act.

European Economic Area                    

Any offering of securities will be made by means of a prospectus to be published that may be obtained from the issuer or selling security holder, once published, and that will contain detailed information about the Company and its management, as well as financial statements.

These materials are an advertisement and not a prospectus for the purposes of Directive 2003/71/EC, as amended (together with any applicable implementing measures in any Member State, the "Prospectus Directive"). Investors should not subscribe for any securities referred to in these materials except on the basis of information contained in the prospectus.

In any EEA Member State other than Norway (from the time the prospectus has been approved by the Financial Supervisory Authority of Norway, in its capacity as the competent authority in Norway, and published in accordance with the Prospectus Directive as implemented in Norway) that has implemented the Prospectus Directive, this communication is only addressed to and is only directed at "qualified investors" in that Member State within the meaning of Article 2(1)(e) of the Prospectus Directive ("Qualified Investors"), i.e., only to investors to whom an offer of securities may be made without the requirement for the Company to publish a prospectus pursuant to Article 3 of the Prospectus Directive in such EEA Member State.

United Kingdom

In the United Kingdom, these materials are only being distributed to and are only directed at Qualified Investors who (i) are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Order") or (ii) are persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies, unincorporated associations, etc.) (all such persons together being referred to as "Relevant Persons"). These materials are directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this document relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.

[1] Leading brand in the Norwegian banking sector since 2007 (RepTrak® Pulse); "most satisfied customers" in Norway every year since 2005 (EPSI); highest customer satisfaction in the Norwegian bank and finance sector since 2002 (Norwegian Customer Satisfaction Barometer, nw. Norsk Kundebarometer)

[2] Calculated based on total lending to households excluding state lending institutions as of 30 June 2015, source SSB (2015) 09560: Loans to households from banks, finance companies and mortgage companies

3  TNS Gallup, Norsk Finansbarometer (2014)