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ABG Sundal Collier acts as financial advisor to MONOBANK in connection with the announced merger with BRAbank and an equity issue of NOK 100 to 130 million as part of the transaction.

ABG Sundal Collier acts as financial advisor to MONOBANK in connection with the announced merger with BRAbank and an equity issue of NOK 100 to 130 million as part of the transaction.

 

On 8 February 2019, Monobank ASA and BRAbank ASA entered into a merger agreement, with the intent to create a well capitalised bank with a broad distribution platform and fully funded growth ambitions. The combination is intended to create significant value and benefits for both set of shareholders, from consolidating to one cost base and from generating revenue synergies from complementary distribution strengths.

BRAbank’s shareholders will receive 9.25 shares in Monobank for each share in BRAbank, representing 34.3% of the total outstanding shares following the merger, prior to the equity issues. In conjunction with the merger, Monobank will raise NOK 100-130 million of new equity, of which NOK 100m is underwritten by BRAbank’s largest shareholder Braganza AB. Braganza will become the largest shareholder in the combined entity, with a shareholder stake of approx. 15%. The transaction is unanimously recommended by the Board of Directors of both Monobank and BRAbank, and 59.4% of BRAbank shareholders and 47.2% of Monobank shareholders have pre-committed to vote in favour of the transaction. The transaction is subject to shareholder approval from both Monobank and BRAbank, as well as regulatory approvals. The transaction is expected to close by the end of Q2 2019.

 

About MONOBANK

Monobank ASA is a digital bank focused on consumer finance in the Nordics. Monobank is a cloud based bank with strong focus on customer experience and fintech solutions. The compnay is based in Bergen, Norway and started operation in November 2015. The bank has experienced strong growth and became profitable after only three quarters. The bank offers unsecured lending to qualified private individuals in Norway and Finland. Monobank is an independent bank with approximately 1,000 shareholders and was listed on the Oslo Stock Exchange's Merkur Market on 16th February 2017 under the ticker symbol MONO-ME. For more information, please visit https://monobank.no/