Swedish banking group Swedbank has purchased mortgage credit institution Stabelo to further develop its mortgage business and customer services.
The initial purchase price is Skr350m ($36.8m), with the final price depending on Stabelo’s performance through 2028.
Stabelo operates in the mortgage market, focusing on customer groups where Swedbank sees growth potential.
The company uses fully digital mortgage processes and distributes mortgages through its own management and partnership agreements.
Swedbank noted that the acquisition provides access to a complementary brand, new technology, and additional distribution channels for mortgages, allowing the bank to connect with more customers in the market.
Swedbank deputy CEO Tomas Hedberg said: “The acquisition of Stabelo gives us new opportunities to be able to meet more target groups of, among others, younger and more digital customers.
“At the same time, we can develop the company by putting Swedbank’s financial and knowledge resources behind an established brand.”
Founded in 2016, Stabelo has around 30 employees and will continue operating under its own brand, with Hampus Brodén remaining as CEO.
Brodén said: “It is an incredibly exciting day for Stabelo and all our employees. Having Swedbank as an owner will create opportunities for us to meet both new and existing customers with an even stronger offering.”
The acquisition requires approval from relevant authorities.
In December last year, Swedbank reached an agreement to sell its ATM assets in Lithuania, Estonia, and Latvia to fintech company Euronet.
Under the deal, Euronet will also provide ATM outsourcing services to Swedbank in these Baltic markets.
The acquisition will encompass both in-branch and off-branch ATMs, totaling 1,141 units across the three Baltic nations.
“Swedbank acquires Stabelo to expand mortgage operations” was originally created and published by Retail Banker International, a GlobalData owned brand.
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