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Hagen has lost a lot at the consumer loan bank. Today, he sells all his shares for NOK 313 million to Sveaas.
Christen Sveaas and Stein Erik Hagen.
Mattis sandblad
Published:,
Updated at the opening of the stock exchange: Komplett Bank’s share price jumps on the Oslo Stock Exchange, where the price rose 9.15 percent to NOK 8.35.
The billionaire and investor Stein Erik Hagen, through the company Canica Invest, today signed an agreement with Kistefos of the investor Christen Sveaas, by which the latter acquires all the shares of Hagen in Komplett Bank.
The transaction is carried out at a price of NOK 8.75 per share. Komplett Bank’s stock closed at a price of NOK 7.65 on the Oslo Stock Exchange on Friday, meaning the trade was carried out at a premium of 14 percent.
The number of shares in the transaction was just over 35.7 million, meaning that Sveaas earned a total of NOK 312.79 million.
Hagens Canica bought 19.4 percent of Komplett Bank’s shares for NOK 648 million, accounting figures show. In other words, you’ve suffered a huge loss at the consumer loan bank.
In the 2019 accounts of Canica Invest, the stock is indicated with a market value of NOK 446 million.
Now he sells the part that is said to be 19.16 percent. Therefore, the shares listed in the accounts are not exactly as large as the shares now being sold by Hagen.
Sharp drop in prices
After the sale, Hagen’s Marble has no shares in Komplett Bank, previously it had 19.16 percent. Sveaas’ Kistefos now has 44.71 million shares in Komplett Bank, corresponding to 23.97 percent of the company.
Canica is represented on the board of directors of Komplett Bank by Jan Ole Stangeland.
Komplett Bank’s share price has fallen about 39 percent so far this year. In the past year, it’s down 38 percent.
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High and growing consumer loan defaults
E24 has contacted Stein Erik Hagen, who is referring to Nils Klomann Selte, Managing Director of Canica Invest. It has no comment beyond what is stated in the stock exchange announcement.
Kistefos was not immediately available for comment. Nor was it Komplett Bank.
Credit loss of 80 mill.
Komplett Bank had a credit loss of NOK 80.3 million in the third quarter, compared to NOK 81.8 million in the same period last year.
After-tax earnings ended at NOK 73.4 million, compared to NOK 80.5 million in the third quarter of 2019.
Net interest income was NOK 271.1 million, compared to NOK 282.4 million last year.
The bank’s loans to clients were NOK 8.34 billion, compared to NOK 8.4 billion.
– Our most important strategic priorities are to return to growth, continue to strengthen operations and ensure a solid financial position and ability to pay dividends. We delivered on this during the quarter, says Komplett Bank CEO Jan Haglund in the stock exchange announcement.
Increase in defaults
Consumer loan defaults have been high and on the rise recently, as E24 recently wrote. In the case of Norwegian banks whose main activity is consumer loans, the proportion of defaults reaches 20%, compared with 19.6% in the second quarter.
By comparison, default at all Norwegian banks accounted for 1.1 percent of the total loan, writes the Authority.
Komplett Bank is one of the largest pure consumer loan banks in Norway.
