Sweden’s Nordax Bank has submitted an improved offer to acquire Norwegian Finans Holding (NFH), the owner of Bank Norwegian.

The Swedish lender has offered to pay NOK105 for each NFH share in cash, up from the previous bid of NOK100 per share.

The new offer will require Nordax Bank to pay a total consideration of NOK19.6bn ($2.23bn) to purchase all NFH shares.

In a statement, Nordax said that it intends to acquire Bank Norwegian in full. However, it will also proceed with a deal that will make the company a majority shareholder.

As of now, the company conditional agreements with Nordic Capital Fund IX4 and Sampo, which have a combined interest of 22.7% in NFH. These agreements are subject to successful completion of the offer.

Bank Norwegian is an internet bank offering consumer loans, credit cards and savings accounts.

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The combination, if successful, will enable the joint company to pursue further international expansion to create a pan-European consumer bank.

Nordax Bank CEO Jacob Lundblad said: “We are happy to launch a recommended, all-cash offer to all shareholders in Bank Norwegian. This offer is backed by Nordic Capital and Sampo and represents an attractive premium and a good opportunity for investors to realise their investment.

“We are impressed with the calibre of everyone at Bank Norwegian that we have met, and I think we are a great cultural fit. With the proposed transaction, we have an opportunity to create a stronger entity and the leading niche bank in Northern Europe.”