Bank Norwegian Will Be Merged Into Nordax Bank in 2023. What Happens next?

BIG changes ahead for Bank Norwegian.

In November 2021, Bank Norwegian was acquired by the Swedish bank Nordax Bank AB. Now the two banks are planning to carry out an intra-group merger where the operations of Bank Norwegian will be transferred to Nordax Bank.

Bank Norwegian is sending out notifications to customers, as they are obliged to inform you as a customer before the merger takes place. The merger is expected to be completed in the first quarter of 2023 at the latest.

When the merger is completed, Bank Norwegian’s operations will continue as a Norwegian branch of Nordax Bank. Customers will retain the same conditions and rights for the Bank Norwegian products as of today. This also applies to all insurance policies linked to the products.

However, if you have a savings account with both Bank Norwegian and Nordax Bank, or plan to get a savings account with Nordax, your coverage under the deposit guarantee may be affected.

Will the Bank Norwegian Visa card be canceled after the merger with Nordax?

For now, right after the merger, all the products and services of Bank Norwegian will be the same, and you will be able to keep using them as you do today. Bank Norwegian will be called “Bank Norwegian, a branch of Nordax Bank AB”. The Bank Norwegian visa card will most likely still be issued, by Nordax. A similar thing happens with the SAS EuroBonus World Mastercard, which is issued by SEB, and plenty of other cards out there (Bank of America AAdvantage cards, etc.)

Bank Norwegian and Nordax Fusion: more information

Bank Norwegian ASA (“Bank Norwegian”) and the bank’s parent company, the Swedish bank Nordax Bank (publ) (“Nordax Bank”) have signed a merger plan to carry out an intra-group merger and Bank Norwegian’s operations will be transferred in their entirety to Nordax Bank.

Applications for approval of the merger have been sent to the Norwegian Financial Supervisory Authority and The Financial Supervisory Authority. The merger is expected to be completed in the first quarter of 2023 at the latest. After the merger, Bank Norwegian will continue its operations in its entirety as a Norwegian branch of Nordax Bank.

The merger will not affect Bank Norwegian’s services and products. After the merger, Bank Norwegian’s formal legal name will be Bank Norwegian, a branch of Nordax Bank AB (publ) and the branch will offer the same products and services as before.

Bank Norwegian’s existing customer agreements will be transferred to the Norwegian branch of Nordax Bank and will continue to be valid according to the customer’s terms and conditions.

The merger will not involve any major changes to your terms but it will affect the processing of your personal data and may affect your coverage under the deposit guarantee if you have deposits with both Bank Norwegian and Nordax Bank.

Change of Personal Data Controller

After the merger, Nordax Bank will replace Bank Norwegian as a personal data controller for processing personal data for customers at Bank Norwegian. This is due to the requirements that the EU GDPR Regulation (“EU”) 2016/679 (“GDPR”) requires.

The bank’s personal data policy will be updated to reflect the change in who is responsible for processing after the merger, that is from Bank Norwegian to Nordax Bank.

Deposit guarantee for customers who only have a savings account with Bank Norwegian at the time of the merger

After the merger, you will have the same deposit guarantee of EUR 100,000 as before. The only difference is that the deposit guarantee goes under the Swedish system and not the Norwegian one it previously has been.

Deposit guarantee for customers who have savings accounts with both Bank Norwegian and Nordax Bank at the time of the merger

Customers who have savings capital with Bank Norwegian and Nordax Bank today have a deposit guarantee of EUR 100,000 with Bank Norwegian and SEK 1,050,000 with Nordax Bank.

After the merger, Bank Norwegian and Nordax Bank will become one entity and the savings capital of Norwegian the branch Bank Norwegian and Nordax Bank in Sweden will fall under the Swedish branch the deposit guarantee covering up to EUR 100,000 in the Bank Norwegian branch or SEK 1,050,000 at Nordax Bank in Sweden.

If you as a customer have a savings account with both Bank Norwegian and Nordax Bank in Sweden, your will deposit guarantee on the savings capital be evenly distributed between the branch and Nordax Bank.

Example: If on the day the deposit guarantee is triggered, you have 55 percent of your deposits in branch Bank Norwegian and 45 percent of your deposits in Nordax Bank in Sweden, then 55 will come percent of your deposits are to be calculated under the EUR amount and 45 percent under the SEK amount.

Your general deposit guarantee may under no circumstances exceed EUR 100,000 or SEK 1,050,000, which will be distributed between the branch Bank Norwegian and Nordax Bank

The right to terminate the customer agreement or demand that the savings capital be paid out or transferred to another credit institution

If you have a savings account with both Bank Norwegian and Nordax Bank and receive your deposit guarantee reduced (according to point 4), you have the right to close your savings account with Bank Norwegian, Norwegian Financial Institutions Act §12-3 (5).

If you then have a savings capital with Bank Norwegian that exceeds EUR 100,000 and the savings capital, therefore, does not receive full coverage of the deposit guarantee, you have the right to request a transfer of that part of the savings capital exceeding EUR 100,000. Excess amounts can be paid out to any clearing
and account number on MinSida/app.