Our 'BBB' long-term issuer rating on Sweden-based consumer lender Resurs Bank AB and the negative outlook on our rating are unchanged following notice of a public tender offer on 18 Jun. 2024 by parent company Resurs Holding. The offer was made jointly by global private equity company CVC Capital Partners and the bank's current largest owner, Waldakt AB. The bank's board has recommended that shareholders accept the offer.
Provided the offer receives shareholder approval, CVC and Waldakt will have joint ownership through a consortium. Waldakt is an investment company owned by Sweden's prominent Bengtsson family, which has long-standing ties to Resurs Bank. CVC is a private equity investor with a moderate presence in the Nordic countries and no previous ownership stake in Resurs Holding. In our view, Waldakt's intention to remain a key owner would offset some of the uncertainty associated with the prospective ownership change.
Our current assessment of Resurs Holding's ownership support is neutral. In our view, the proposed transition to private from public ownership could reduce Resurs bank's ability to access new capital. In a media statement, Resurs Holding cited a strategic restructuring and investment needs as reasons for the proposed change of ownership. We intend to monitor the bank's strategy, risk appetite and capital position under the proposed new ownership structure.
This commentary does not constitute a rating action.
Related publications
i) Financial Institutions Rating Methodology, 14 Feb. 2024.
ii) Group and Government Support Rating Methodology, 14 Feb. 2024.
iii) Resurs Bank AB 'BBB' long-term issuer rating affirmed; Outlook negative, publ. 20 Mar. 2024
iv) Resurs Bank AB outlook revised to negative; 'BBB' long-term issuer rating affirmed, publ. 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