The Norwegian business of Skandiabanken is likely to list shares on the Oslo Stock Exchange within a month and will use some of the proceeds to help finance further growth and secure dividend capacity, its chief executive said on Tuesday. Skandiabanken was launched by Swedish mutual insurance and banking group Skandia as the first entirely digital bank in Norway in 2000.
Over the last three years it has doubled its loan portfolio, consisting mainly of mortgages, to 53 billion crowns ($6.36 billion). It has a target of 75 billion crowns in total loans to the public within the next three years. "We do see great growth possibilities in our existing customer base. The fact that there is growth potential without increasing costs, should be attractive to investors," Chief Executive Magnar Oeyhovden said in an interview. "We are experiencing good interest from investors," he added.