Our 'BBB' long-term issuer rating on Sweden-based consumer lender NOBA Bank Group AB (publ) and the stable outlook remain unchanged following today's confirmation of the bank's intention to list its shares on Nasdaq Stockholm. As previously stated, we do not expect the change in ownership to have an immediate impact on our view of the bank.
The market has long anticipated NOBA's potential public offering, which would mark the end of private ownership by Nordic Capital and Sampo. This follows the public buyout of Nordax Bank in 2018, the acquisition of Bank Norwegian in 2022, and the subsequent rebranding to NOBA.
Our current assessment of NOBA's ownership support is neutral. In our view, a transition from private to public ownership could improve the bank's access to new capital. We will continue to monitor the bank's strategy, risk appetite and capital position as the ownership structure evolves.
This commentary does not constitute a rating action.
Contacts:
Sean Cotten, chief rating officer, +46735600337, sean.cotten@nordiccreditrating.com
Ylva Forsberg, analyst, +46768806742, ylva.forsberg@nordiccreditrating.com