A partnership between Nordea, the Nordic
bank, and equigroup, the hi-tech and medical equipment financiers,
went live in October. The partnership will be worth approximately
£100 million (€124.72 million) per year to equigroup.

The company, which established itself in the UK in 1998, will be
gradually rolling out the partnership and started in Finland last
month. This will be followed by Sweden this month, Denmark and
Norway in January, and the Baltics around April next year.

The financier is 50 percent owned by the Commonwealth Bank of
Australia, which, according to Ruth Chilvers, European head of
sales at equigroup, was a major advantage in winning the bid.

“Nordea is looking to do between €100 to €200 million of
business per year, and wanted a sustainable partner in the
long-term,” she said. “Not only do we have the strength of the
CBA’s balance sheet, but we also have the advantage of achieving
higher residual values and having successful previous partnership
models.”

In the UK, equigroup has an exclusive partnership with Barclays,
in Ireland with AIB and in Spain with BBVA. The company will work
very closely with Nordea, having hired four Nordea staff to help
manage the account. They will be based in the Nordics and liaise
with Chilvers, who is based in London. Chilvers sees the public
sector as its core market in the Nordics. Using equigroup, Nordea
has just won a deal in Finland to finance 5,000 assets for a
public-sector body next year.

“Nordic countries refresh technology on a much more frequent
basis than other European countries and we believe that the current
economic climate will make our RV products even more appealing,”
explained Chilvers.

As a company, equigroup, which is headquartered in Australia,
wrote £140 million worth of business last year and the Nordea
partnership will substantially increase the company’s turnover next
year.

Jason T Hesse