Monobank has approved its first loans in Finland. Geographical expansion is an important component in Monobank’s growth strategy. Finland is the first market outside Norway where Monobank opens lending operations. The expansion will help accelerate the bank’s strong lending growth in 2017.
“The market characteristics in Finland resembles Norway. Launching in Finland, we will be able to draw on vital experience from the Norwegian market, as well as build on our robust and scalable IT and operations platform,” said Bent H. Gjendem, CEO.
Monobank started operations in Norway in November 2015. The bank has grown quickly, and expects its lending volume in the Norwegian market to reach NOK 1.8 billion by year-end 2017. In addition, the bank expects to achieve a considerable Finnish volume already this year.
“We expect to achieve a considerable lending volume in the Finnish market, and plan to apply the experiences gained from our first months of operation to fine-tune and manifest our ambitions,” said Bent H. Gjendem.
Monobank’s loan activities in Finland will be conducted from the company’s offices in Bergen, Norway, thus providing considerable operational synergies.
For further information, please contact:
Bent H. Gjendem, Chief Executive Officer at Monobank, phone: +47 996 11 996
Monobank is an internet-based bank offering unsecured lending to qualified private individuals in Norway. Operations started out of Bergen, Norway, in November 2015 after received its banking license from the Financial Supervisory Authority of Norway. The bank also offers attractive deposit rates on its savings accounts. Deposits up to NOK 2 million are guaranteed by the Norwegian Bank's Guarantee fund, of which Monobank is a member. For further information, please visit the company web page www.monobank.no.