Our 'BBB' long-term issuer rating on Sweden-based consumer lender Resurs Bank AB and the negative outlook on our rating are unchanged following Ronneby UK Limited's confirmation that it had acquired 87% of the bank's holding company Resurs Holding AB's outstanding shares , after the final bid period closed on 4 Oct. 2024. Refer to Related publications (i) below for details and our view of the initial offer.
Ronneby UK Ltd, a consortium between private equity firm CVC Capital Partners and the bank's current largest owner Waldakt AB, had communicated its intention to own a 90% stake in Resurs Holding. This would have enabled a forced redemption of the remaining 10%. Since the consortium finalised its bid at 87%, Resurs Holding will remain listed on the Stockholm stock exchange.
Our assessment of Resurs Holding's ownership support is neutral. Given that the founding family is part of the acquiring consortium, we do not expect significant strategic changes at the bank following the ownership change. We also note that the new board includes an independent board member, members of the current board and CVC representatives. We intend to monitor the bank's strategy, risk appetite and capital position under the proposed new ownership structure.
Related publications
i) NCR Comments: Resurs Bank 'BBB' rating and outlook unchanged following acquisition offer, 25 Jun. 2024
ii) Resurs Bank AB 'BBB' long-term issuer rating affirmed; Outlook negative, 20 Mar. 2024
iii) Resurs Bank AB outlook revised to negative; 'BBB' long-term issuer rating affirmed, 22 Jan. 2024
This commentary does not constitute a rating action.
Contacts:
Ylva Forsberg, analyst, +46768806742, ylva.forsberg@nordiccreditrating.com
Sean Cotten, chief rating officer, +46735600337, sean.cotten@nordiccreditrating.com