As previously announced, latest on 11 November 2022, Nordax Bank AB (publ) ("Nordax Bank"), rated BBB/N3/Stable from Nordic Credit Rating, and Bank Norwegian ASA ("Bank Norwegian") are in the process of implementing an intragroup merger between the companies. All necessary regulatory approvals to complete the merger have been obtained. The merger will be implemented with Nordax Bank as the surviving company and Bank Norwegian as the transferring company. The merger is expected to be completed on or about 30 November 2022.

Bank Norwegian has obtained a new credit rating covering the interim period up to the date of completion of the merger. Today, on 14 November 2022, Nordic Credit Rating assigned a new credit rating on Bank Norwegian with a 'BBB' long-term rating with stable outlook and N3 short-term rating.

Contact persons:

CEO, Klara-Lise Aasen; phone +47 47 63 55 83; kaa@banknorwegian.no

CFO, Mats Benserud; phone +47 95 89 15 39; mbe@banknorwegian.no

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act