MONOBANK ASA (MONO-ME) - COMPLETION OF NOK 57 MILLION PRIVATE PLACEMENT
Bergen, 8 November 2018
Monobank ASA ("the Company") announces that the board of directors has resolved to complete a Private Placement with gross proceeds of NOK 57.1 million through the issuance of 24,826,567 new shares in the Company at a subscription price of NOK 2.30 per share based on an authorization provided by the extraordinary general meeting of the Company held 8 November 2017.
The Private Placement was directed at TBI Bank EAD, a subsidiary of 4finance Holding S.A. Following completion of the Private Placement, TBI Bank EAD will become a 9.1% shareholder in Monobank.
The proceeds from the Private Placement will be used to fund the Company's growth strategy, provide the necessary capital for further cross border expansion and to strengthen the regulatory capital.
The share capital increase was pre-approved by the Financial Supervisory Authority 4 October 2018. Completion of the Private Placement is conditional upon registration of the share capital increase in the Norwegian Register of Business Enterprises.
For further information contact:
Bent H. Gjendem, Chief Executive Officer at Monobank, phone: +47 996 11 996
About Monobank
Monobank ASA is a digital bank focused on consumer finance in the Nordics. Monobank is a cloud based bank with strong focus on customer experience and fintech solutions. Monobank is based in Bergen, Norway and started operation in November 2015. The bank has experienced strong growth and went profitable after only three quarters. The bank offers unsecured lending to qualified private individuals in Norway and Finland. The screening process is based on an automated evaluation system. Loans are granted up to NOK 500 000. The bank also offers attractive deposit rates on its savings accounts. Deposits up to NOK 2 million are guaranteed by the Norwegian Banks' Guarantee fund, of which Monobank is a member. Monobank is an independent bank with approximately 1 000 shareholders and was listed on the Oslo Stock Exchange's Merkur Market on 16th February 2017 under the ticker symbol MONO-ME. Monobank has been awarded with "Great Place to Work" twice since the start.