As previously announced, Nordax Bank AB (publ) (“Nordax”) and Bank Norwegian ASA (“Bank Norwegian”) are in the process of implementing an intragroup merger between the companies. Bank Norwegian hereby announces that the Norwegian Financial Supervisory Authority (the “NFSA”) and the Swedish Financial Supervisory Authority (the “SFSA”) have approved the merger between Nordax and Bank Norwegian. All necessary regulatory approvals to complete the merger have accordingly been obtained. The merger is expected to be completed during Q1 2023 at the latest.

The merger will be implemented with Nordax as the surviving company and Bank Norwegian as the transferring company, with the operations of Bank Norwegian to be continued through a Norwegian newly established branch of Nordax, which has been approved by the NFSA and the SFSA. The merger will not impact the services and products offered by Nordax and Bank Norwegian, and the two respective brands will continue to coexist.

The combined company will be the largest specialist consumer finance lender in the Nordics. It will have the necessary scale and resources to be a leading force in shaping the future of consumer finance, offering innovative solutions that will challenge the large incumbent banks for the benefit of customers.

For any questions, please contact:

CEO, Klara-Lise Aasen; phone: +47 47635583; e-mail: kaa@banknorwegian.no

CFO, Mats Benserud; phone: +47 95891539; e-mail: mbe@banknorwegian.no

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act, Oslo Børs Rule Book II and the Nordic ABM Rules.