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Thursday, 15 February 2018

Monobank ASA: MONO-ME Monobank enters into Forward Flow agreement for unsecured non-performing loan (NPL) claims with Axactor ASA in Norway

Monobank ASA    

Published: 07:33 CET 15-02-2018 /GlobeNewswire /Source: Monobank ASA / : MONO-ME /ISIN: NO0010752231

Monobank ASA: MONO-ME Monobank enters into Forward Flow agreement for unsecured non-performing loan (NPL) claims with Axactor ASA in Norway

Monobank ASA has entered into an agreement where Axactor will acquire fresh unsecured consumer lending claims on a monthly basis. The agreement is valid for 24 months and is entered at a price level which confirms Monobanks provision levels.


The agreement will strengthen Monobank both operationally as well as financially. It will provide a more accurate basis for loan pricing and in addition provide a monthly confirmation of the provision level. Overall the agreement will enable the bank to pursue new growth opportunities.


"We are very pleased to have entered into this agreement. It will contribute to a significant strengthening of Monobanks balance sheet and overall reduce risk. We are pleased to see that Axactor evaluates our portfolio as attractive for their growth ambitions thus making this cooperation a win-win", says Monobank CEO Bent Gjendem.


Monobanks and Axactors strategies make a good match. Axactor is a Nordic-based debt management company with operations in five European countries. The company was established in 2015 and is currently one of the top 10 providers within the European debt collection industry. Monobank opened its operations late 2015 and has grown rapidly in the Norwegian market and from June last year in Finland. Monobank has plans for further geographical expansion as well as launching new products and services.


"This agreement will allow Monobank to focus more efforts to our core business. Our goal is to expand our position within the consumer loan market, to explore fintech opportunities and to launch new, innovative solutions targeted at the consumer markets", says Bent Gjendem.


 


For further details:


Bent H. Gjendem CEO+47 996 11 996


Lene Sjøbakk CFO +47 940 19 896


 


 


About Monobank ASA:


Monobank is a digital bank offering unsecured lending to qualified private individuals in Norway and Finland. Operations started out of Bergen, Norway, in November 2015 after received its banking license from the Financial Supervisory Authority of Norway. The bank also offers attractive deposit rates on its savings accounts. Deposits up to NOK 2 million are guaranteed by the Norwegian Banks Guarantee fund, of which Monobank is a member. For further information, please visit the company web page www.monobank.no


 


This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.





This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of Nasdaq Corporate Solutions clients. Source: Monobank ASA, Starvhusgaten 4, Bergen 5014, Norge
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