Press release 20071023

SkandiaBanken announces the sale of its SkandiaBanken Bilfinans business to DnB NOR. The decision to sell the vehicle financing business is part of SkandiaBanken's focus on being a market-leading direct bank in Sweden and Norway.
"SkandiaBanken is continuing its work on concentrating on its core business and on gradually introducing a range of new customer offers. The decision to sell Bilfinans is in line with this strategy, and we are convinced that the vehicle financing business will develop favourably under DnB NOR's ownership, to the benefit of customers and business partners," says Fredrik Sauter, chief executive of SkandiaBanken.

SkandiaBanken Bilfinans provides lending and leasing credits in co-operation with general agents and car dealerships in Sweden and Norway. The business today comprises some 115,000 customer contracts and includes an aggregate credit portfolio of approximately SEK 13 billion. The purchase price amounts to SEK 2.3 billion...