Altor and Bure backed Carnegie acquires HQ Bank

HQ Bank was closed last weekend and had its license revoked by the Swedish FSA (Finansinspektionen) for breaking risk rules. The acquisition of all issued shares in HQ Bank amounts to SEK 268m. This corresponds to HQ Bank's outstanding personnel convertibles.

In addition to HQ Bank, Carnegie has acquired all issued shares in HQ Fonder from Investment AB Öresund. Payment for HQ Fonder totals SEK 850m and comprises of convertible preference shares in Carnegie, and a convertible debenture. Carnegie was late last week ruled out as a candidate to acquire HQ Bank.

Altor and Bure acquired Carnegie at the beginning of 2009 after its license had been revoked by the FSA.

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