Sweden's Nordax Bank AB (publ) agreed to acquire local mortgage credit company Svensk Hypotekspension, subject to regulatory approvals.

The terms of the transaction were not disclosed. Founded in 2004, Svensk Hypotekspension serves 5,000 clients, with its total lending amounting to 3.5 billion Swedish kronor as of 2017-end.

As of June 7, US$1 was equivalent to 8.67 Swedish kronor.