Sweden's Ikano Bank to buy Basisbank's consumer finance portfolio

Sweden's Ikano Bank AB (publ) agreed to buy Denmark-based Basisbank A/S' consumer finance portfolio, which represents approximately 2 billion Danish kroner in loan book value.

Ikano Bank said the transaction will help grow its consumer lending business in Denmark with almost 75,000 new customers as Basisbank's loan book makes up almost 10% of the 25 billion Danish kroner consumer finance market.

The transaction, which is subject to regulatory approvals, is expected to be completed by the start of 2022.

Ikano SA and Tech Mahindra Ltd. are the respective parents of Ikano Bank and Basisbank.

As of Oct. 27, US$1 was equivalent to 6.42 Danish kroner.