EUR/USD likely to find a peak near 1.25: UBS
STOCKHOLM - Swedbank AB (OTC:SWDBY) announced on Tuesday it will acquire mortgage credit institution Stabelo in a move to expand its mortgage business and customer offering, particularly targeting younger and more digital customers.
The initial purchase price is set at SEK 350 million ($33.5 million), with the final amount to be determined based on Stabelo’s performance through 2028, according to a press release from the Swedish bank.
Stabelo, founded in 2016, operates with fully digital mortgage processes and distributes mortgages both independently and through partnership agreements. The company will continue to operate under its own brand following the acquisition.
"The acquisition of Stabelo gives us new opportunities to be able to meet more target groups of, among others, younger and more digital customers," said Tomas Hedberg, Deputy CEO of Swedbank.
Hampus Brodén will remain as CEO of Stabelo, which currently employs approximately 30 people.
"Having Swedbank as an owner will create opportunities for us to meet both new and existing customers with an even stronger offering," Brodén stated.
The transaction is subject to regulatory approvals.
Swedbank is the leading bank in its four home markets of Sweden, Estonia, Latvia, and Lithuania, serving over 7 million retail customers and 550,000 corporate clients.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.