Norwegian Finance expansion into Europe will see it partner with investment firm HBK.
HBK has established an Irish firm called Lilienthal Finance, which will now apply for a banking licence in Ireland.
NOFI has agreed to acquire shares in Lilienthal Finance. Apart from NOFI and HBK, the Irish entity will be controlled by Norwegian Air Shuttle (NAS) that has an interest in Bank Norwegian.
Norwegian Finance expansion into Europe
NAS CEO Bjørn Kjos said: “The Norwegian Reward affinity programme, together with fully digital banking operations and well-proven credit models, has created substantial value for the bank’s and the airline’s shareholders.
“We have entered into an agreement that allows the bank’s shareholders, including NAS itself, the opportunity to capitalise on the values associated with the Norwegian brand along with efficient operations and digital banking solutions.”
Besides, Lilienthal signed an agreement with NAS and its subsidiary Norwegian Air Brand for rights to the Norwegian brand for banking services in Europe outside Nordics.
Under the agreement, Lilienthal can use Norwegian’s brand in Europe outside Nordics in a similar way as Bank Norwegian does in the Nordics.
NOFI CEO Tine Wollebekk said: “The Bank’s existing business and customer growth in the Nordic region is very strong and continues to be positive. We will now increase our efforts to export the business model to other markets in Europe. “