Contributing to financial health

We drive change and challenge the inflexible mainstream banks.

Combined skills and fine-tuned offerings

Nordax Group is a leading specialist bank in Northern Europe with strong owners in the form of Nordic Capital Fund IX, Nordic Capital Fund VIII and Sampo. We currently have around 2 million private customers, of which just under 1.2 million are credit card customers, in the Nordic countries, Spain, Germany and the Netherlands. We are a specialist bank that through responsible lending helps people make informed decisions for a life they can afford. We are a flexible complement to the major banks. Instead of quantity, we have specialised in a few selected products that we know best: personal loans, mortgages, equity release mortgages, credit cards and savings accounts.

In November 2021, Nordax Bank acquired Bank Norwegian ASA, which brought not only a large number of customers to the Group but also complementary strengths in product expertise, digital distribution and geographical presence. Since 2019, Svensk Hypotekspension, which is a specialist in equity release products, is a wholly owned subsidiary of Nordax Bank. The Group has around 600 employees, with offices in Stockholm, Malmö, Gothenburg and Fornebu, Oslo.

Cultural Values

We are Wholehearted

Thoughtfulness and responsiveness characterize our culture.

Thoughtfulness and responsiveness characterize our culture. Add to that our warm and friendly atmosphere where we always listen to each other. We are goal-oriented and achieve results but remember: HOW we do something is just as important as what we do. Sustainable thinking is our signature: we do not just create the best solution for today, but also for tomorrow.

We Collaborate

We stick together to reach our goals because real success is achieved when we share our knowledge and experiences.

We stick together to reach our goals because real success is achieved when we share our knowledge and experiences. Our collaboration is characterized by openness and unpretentiousness. When we are transparent and inclusive, it becomes possible to complement each other and turn 1+1=3 into reality.

We Take the Lead

We challenge old truths and try new things as well as encourage courage and curiosity.

We challenge old truths and try new things as well as encourage courage and curiosity. We are the ones who won't hesitate in taking initiative and being bold.That’s because we believe in people's ability to make decisions. Together we are big enough and responsible for driving the debate forward towards sustainable solutions.

Responsible lending

Times are changing. Permanent employment is in decline and more people struggle to get at mortgage with the traditional banks. At Nordax we keep the door open but without compromising the requirements for our customers’ financial stability.

Our underwriting process is our core competency; it's thorough, sound and data driven. We pride ourselves in not taking any shortcuts. Consequently, our customers can always feel confident they will be offered a loan they can afford. Our customers can always make well-informed decisions in their own time, based on transparent and clear pricing models. This is how we earn their trust.

In the event of a customer getting into financial difficulty, we proactively engage to help. We remind them in advance to avoid extra charges and together try to find a suitable payment plan in order to help them successfully repay the loan.

A successful business going forward

Sustainable business is central for our success. We are convinced that it generates long-term value for us and our stakeholders. If we take responsibility today we increase our conditions to run a successful business going forward. Our sustainability focus areas are Financial inclusion & responsible lending and Sustainable organisation.

Nordax is a member of Global Compact, and our ambition is to support Global Compacts 10 principles as well as UN’s 17 goals for Sustainable Development.

The foundation of Nordax business is financial inclusion and this is also the purpose of each of our products. Through careful credit assessment we make affordable banking solutions accessible to more individuals who usually don’t fit in the traditional bank model.

In our mission of driving financial inclusion, our most important process is responsible lending; loans should only be offered to financially stable customers who can afford the loan, and Nordax must not contribute to societal over-indebtedness. The credit review is carried out with good lending practice, based on the customer’s financial situation and Nordax credit policy which is governed by external regulatory requirements.

Read more about our work within sustainability and the focus areas here.

Governance, internal control and risk management

In order to achieve a robust governance, internal control and risk management framework, Nordax has adopted the three lines of defence model. The three lines of defence model is the primary means to structure roles, responsibilities and accountabilities for decision-making and risk management.

1st line of defence – day to day risk management and control Nordax

business units and support functions represent the first line of defence. The first line of defence ensures that clear processes and routines are in place in order to identify, assess, control and report risks.

2nd line of defence – functions that oversee risk

The Risk Control function and the Compliance function forms the second line of defence and are independent from the first line of defence. The primary responsibility of the second line of defence are oversight and review of risk management and compliance issues. The functions develop and maintain risk management policies and methodologies, identify and monitor new and emerging risks and enforce the enterprise risk management framework. The second line of defence reports to the CEO, the Management Team and the Board of Directors.

3rd line of defence – independent assurance

The Internal Audit function is the third line of defence and provides fully independent assurance through reviews and controls of both the first and second line. The third line of defence ensures effective Enterprise Risk Management practices and reports to the Board of Directors.