Deal announcement

Monobank announced today that the board of directors has resolved to complete the private placement with gross proceeds of NOK 175m. The company furthermore announced that, subject to favourable equity capital market conditions, it intends to apply for a listing of the company`s shares on the Oslo Stock Exchange within the next 12 months. The private placement, which represents approximately 23,5 percent of the current outstanding share capital of the Company, was completed at the subscription price of NOK 3.70 per share, by existing shareholders and new investors.  The net proceeds to the Company from the private placement will be used to fund the Company’s growth ambitions, provide the necessary capital for further cross border and credit card expansion and to satisfy the minimum regulatory equity capital requirements
 

About Monobank

Monobank ASA was granted its banking licence from the Financial Supervisory Authority of Norway on 1 June 2015 and commenced regular banking operations on 19 November later that year. The Company offers unsecured lending to private individuals in Norway. Loans are granted in sizes from NOK 25,000 to NOK 500,000 on flexible terms adapted to the applicant’s needs as well as their financial ability to service the loan. The Company also offers savings accounts with attractive deposit rates. The bank is headquartered in Bergen and currently employs 21 full-time employees.
Monobank ASA is registered on the NOTC list (a Norwegian information system for unlisted shares) as of 22 February 2016 with ticker code MONO. 
 
 

Published: 23 Oct, 2017