Gernandt & Danielsson has assisted Forex Bank Aktiebolag (“FOREX”) in changing licences from a banking company licence to payment institution licence. On 6 April 2022, the Swedish Financial Supervisory Authority (Sw. Finansinspektionen) granted FOREX a new licence as a payment institution, and simultaneously, at FOREX’ request, revoked FOREX’ banking licence. This constitutes the last step of the process that began at the end of 2020 in winding up its banking operations.

The change of licence means that FOREX, after almost 19 years as a bank, is leaving the banking industry to once again focus on its origins in the travel industry.

Gernandt & Danielsson’s team has consisted of partners Mats Hugoson and Niclas Rockborn, counsel Björn Hård af Segerstad, senior associate Rikard Sundstedt and associate Arijan Kan.