On 19 Dec. 2025, NOBA Bank Group AB (publ) announced plans to acquire DBT Capital AB, a Swedish SME lender with a loan portfolio of SEK 1.1bn. NOBA will pay approximately SEK 400m in cash, with completion expected in the first quarter of 2026.
The acquisition is expected to reduce NOBA's common equity Tier 1 (CET1) ratio by 0.3pp, compared with its 14.1% CET1 at 30 Sep. 2025. Although transaction costs are likely to exceed initial earnings from the new portfolio, the impact on the bank's earnings is not material. We continue to expect the bank to adjust dividend payments to maintain its CET1 ratio at the lower end of its 13–15% financial target, resulting in a Tier 1 capital ratio just above 15%. Overall, the acquisition does not materially affect our view of the bank's capital or its strong earnings profile.
The acquisition marks the bank's entry into Nordic SME lending and provides a platform for NOBA to further diversify its customer base and product offerings. With the current portfolio size, SME lending will initially account for less than 1% of total loans, giving NOBA time to develop its SME underwriting standards as the portfolio grows.
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