S&P hikes Storebrand Bank

S&P said it raised Storebrand Bank ASA’s issuer rating to A from A-.

“The upgrade reflects the improvement in the Storebrand group's overall financial profile and resilience, and execution on its strategic vision to profitably grow and diversify its operations.

“We continue to think the strong level of integration will provide benefit to Storeband Bank, which is a key part of the group's growth strategy. The bank's lending to customers totaled Norwegian krone (NOK) 40.4 billion at Q1 2022 compared to NOK 39 billion at Q4 2021,” S&P said in a press release.

The outlook is stable.

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