STOCKHOLM--(BUSINESS WIRE)--Regulatory News:
Nordax (STO:NDA) starts to offer deposits to private individuals in Germany as part of the vision to become a leading niche bank in Northern Europe. Nordax is present in Germany since 2012 and already offer lending to private individuals. In 2015 total lending in Germany grew by around 90 per cent and amounted to 548 SEKm at year-end.
Nordax broadens its offering to private individuals by launching two different types of term deposit accounts. The products are covered by the Swedish deposit guarantee. Deposits are used as a complement to Nordax other financing sources. Nordax already offer attractive deposit products to private individuals in Sweden, Norway and Finland.
“It´s natural for us to launch savings products also in Germany after the growth of our lending in the German market. It suits our diversified funding strategy where we aim to match currencies on assets and liabilities” says Morten Falch, CEO.
Nordax is a leading niche bank in the Nordic region providing personal loans and deposit accounts to more than 100,000 customers in Sweden, Norway, Finland, Denmark and Germany. Nordax employs about 200 people, all working in its office in Stockholm. Nordax was founded by six entrepreneurs with extensive risk management experience. The underwriting process is Nordax’s core competency; it is thorough, sound and data driven. Nordax’s customers are financially stable individuals. The typical customer is 49 years old and has an income above the national average. As of December 31, 2015 lending to the general public amounted to SEK 10.8 billion and deposits amounted to SEK 6.0 billion. Nordax has been supervised by the Swedish Financial Supervisory Authority since 2004 and deposits are covered by the Swedish deposit guarantee scheme. Read more on www.nordaxgroup.com. For more information about Nordax’s customer offerings, read more on each country’s web site: www.nordax.se, www.nordax.no, www.nordax.fi (http://www.nordax.fi) and www.nordax.de
Nordax Group AB (publ) announces this information in accordance with the Securities Market Act and/or the Act on Trading in Financial Instruments and/or the Nasdaq Stockholm Rule Book. This information was submitted for announcement on 30 March 2016 at 16.00pm CET.
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