Bank Norwegian, a digital consumer finance bank in the Nordics region, has announced its entry into the Spanish market.

The lender plans to offer services such as unsecured loans, credit cards and savings accounts to its Spanish customers.

Spain represents the fifth country of operations for Bank Norwegian.

The all-digital lender was established in 2007. Apart from Norway, it has operations in Sweden, Denmark, and Finland.

As part of its expansion plans in the European region, the digital lender aims to launch German operations later this year.

Bank Norwegian head of new markets Merete Gillund said: “The Spanish market is an interesting market for consumer lending, and we believe that the timing is right for our digital lending products as the country is recovering from the pandemic.”

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By GlobalData

Bank Norwegian aims to offer easy to use digital solutions at competitive prices. The lender claims to hold around 20% market share in Norway.

Bank Norwegian interim CEO and CFO Klara Lise Aasen said: “The bank is more robust than ever, seen from the way we work, governance, credit models and processes, paired with a prepared organization and financial strength to take on growth.

“We look forward to start serving Spanish customers, offering them digital, easy to use and transparent products.”

In a separate development in the Spanish banking sector, earlier this month, Banco Sabadell had reached an agreement with the workers union to reduce the number of redundancies in its home market.

Initially, Banco Sabadell had planned to lay off nearly 1,900 employees as part of a drive to reduce costs.