Bluestep Bank to acquire Bank2, a Norwegian specialist mortgage bank and refinancing services provider

Bank2 is a Norwegian bank that provides specialist mortgages and refinancing services exclusively for the Norwegian market. The bank was established in 2005 and has served more than 10,000 customers since inception. Bank2 has a loan portfolio of approximately NOK 4.5 billion per Q1 2023 and employs 36 people, all at the head office in Oslo, Norway. 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, comments: 

“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, comments: 

“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 agreed purchase price amounts to around NOK 1 billion. 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. 

Bluestep Bank was advised by Advokatfirmaet Thommessen AS, Mannheimer Swartling Advokatbyrå AB, Kirkland & Ellis International LLP and KPMG. 

Bank2 was advised by Arctic Securities AS and Advokatfirmaet Haavind AS.  

For further information, please contact: 

Björn Lander, CEO, Bluestep Bank 
+ 46 (0)73 673 1899 
bjorn.lander@bluestep.se 

Juan Navas, Head of Corporate Communication, Bluestep Bank 
+46 (0)70 306 2245 
juan.navas@bluestep.se

Or visit: www.bluestepbank.com

This information is information that Bluestep Bank AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Norwegian Securities Trading Act § 5-12. The information was submitted for publication, through the agency of the contact persons set out above, at 08.30 CEST on 21 June 2023. 

About Bluestep Bank 
Bluestep Bank is a specialized mortgage bank, a challenger in the Nordic mortgage market and a modern alternative to traditional banks. Bluestep Bank is present in Sweden, Norway and Finland and offers equity release through 60plusbanken. Since 2005, we have enabled financial empowerment of tens of thousands of people, allowing access to the housing market and a possibility of regaining control of everyday finances. Bluestep Bank AB (publ) is under the supervision of the Swedish Financial Supervisory Authority. For further information please visit bluestepbank.com.