Collector informs that the Swedish Financial Supervisory Authority has appointed an auditor
The Swedish Financial Supervisory Authority ("SFSA") (Sw. Finansinspektionen) has informed Collector Bank AB that the SFSA has, as part of its supervision, appointed an auditor to perform an audit of Collector Bank AB on the SFSA's behalf. The appointment is a result of Collector's announcement on 21 January 2020 of, among other, an extra provisioning for credit losses and that the bank's own funds temporarily fall below the applicable capital buffer requirement.
The auditor's assignment is primarily to review and evaluate the bank's model and process for calculations of provisions for credit losses in relation to corporate lending and the bank's provisioning for credit losses within corporate lending as of 31 December 2019.
The SFSA has also informed that it has no objection to the plan for restoration of the combined capital buffer requirement (i.e. the capital conservation plan) which Collector submitted to the SFSA, and that the SFSA will closely monitor the bank's implementation of the plan.
For further information, please contact:
Martin Nossman, CEO
Phone: +46 70 330 26 75
Peter Olsson, CFO
Phone: +46 73 712 04 46
Madeleine Mörch, Finance & IR Manager
Phone: +46 73 712 04 52
About Collector bank
Collector Bank is a niche bank that offers cost-effective and innovative financial solutions to private and corporate customers. Innovation is one of our major drivers. Read more about Collector