Reference is made to previous updates from Norwegian Finans Holding and Bank Norwegian regarding the strategy of European expansion and the ongoing Exploratory Phase for authorization as a credit institution with the Central Bank of Ireland (CBI), initiated in October 2019.
The Exploratory Phase in Ireland has been concluded, and CBI recommends that Bank Norwegian does not advance to the Draft Application phase at this point in time. CBI has considered the significant and evolving effects of the Covid-19 pandemic, the bank’s loan portfolio, funding base and limited product suite, which are all subject to continuous management attention of the Bank. The bank agrees with CBI that the current timing to proceed is not optimal.
A decision on submission will be evaluated based on a running analysis of costs, benefits and timing of strategic options for European expansion. The bank will closely monitor the effects of Covid-19 as part of the evaluation.
For any questions please call:
CEO Tine Wollebekk; phone: +47 40 80 55 57
Head of Treasury Mats Benserud; phone: +47 95 89 15 39
Head of Communication and Public Relations Kai Morten Terning; phone +47 90 53 18 98
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act