DnB NOR acquires car financing operations from SEB

DnB NOR Finans will acquire SEB's operations within vendor-based car financing
in Sweden from SEB Finans. "The acquisition will reinforce our establishment in
the Swedish finance market last year," says Stein Ove Steffensen, managing
director of DnB NOR Finans. 
 
The agreement comprises around 23 000 loan agreements and 6 000 leasing
agreements in the Swedish retail and corporate markets, as well as cooperation
agreements with some 200 Swedish car dealers. The portfolio totals
approximately SEK 2.4 billion. 17 employees in SEB Finans AB are involved in
these operations. 
 
Leading Nordic player
"DnB NOR Finans aims to become one of the leading finance companies in the
Nordic region, and the acquisition gives us a solid platform for expanding car
financing operations in Sweden," says Steffensen. 
 
The number of newly registered passenger cars in Sweden has shown a slight
increase over the past eight years, with around 283 000 units sold in 2006. In
addition, an estimated 370 000 second-hand passenger cars are sold in Sweden
each year. Around half of all passenger car sales are financed through banks or
finance companies. During the same period, the Swedish leasing market has
experienced strong growth, and leasing of passenger cars and utility vehicles
represents around half of the portfolio of Swedish finance companies. 
 
Several common features
"The Swedish and Norwegian car financing markets have several features in
common. Among other things, car dealers represent an important distribution
channel for finance companies. Based on our knowledge of the market,
competitors, products and distribution in Sweden, we believe that our expertise
from Norway is relevant in Sweden. In addition, we can exchange experiences
with our new Swedish colleagues," says Steffensen. 
 
DnB NOR Finans opened a branch in Sweden in 2006, offering asset finance and
factoring as well as operational car leasing and fleet management through the
Autolease brand. DnB NOR Finans is Norway's largest finance company and offers
car financing, asset finance, leasing, corporate loans, factoring and various
types of vendor finance. The company has 14 offices in Norway as well as
offices in Stockholm, Gothenburg and Copenhagen. 
 
 
  
Contact persons
Stein Ove Steffensen, managing director, DnB NOR Finans, tel. +47 900 21 303
Morten Skauge, communications officer, DnB NOR, tel. +47 959 79 297