Alto Equity Partners AB-backed Swedish Bank To Buy HQ Bank

(Reuters) – Swedish investment bank Carnegie, owned by private equity groups, said on Friday it was buying HQ Bank, which was closed by authorities last weekend for breaking risk rules.

HQ Bank, which is owned by holding company HQ (HQ.ST: Quote, Profile, Research, Stock Buzz) , was put into liquidation on Monday, a decision which the bank has said it is appealing.

HQ said in a statement that it was selling the shares in HQ Bank to Carnegie and an option to buy HQ Fonder investment funds for 268 million crowns ($37.36 million).

Carnegie, owned by investment company Bure (BURE.ST: Quote, Profile, Research, Stock Buzz) and private equity firm Altor, said in a statement it was buying all the shares in HQ Bank and in investment funds, HQ Fonder.

The HQ Funds which Carnegie is also buying are owned by investment group Oresund (ORES.ST: Quote, Profile, Research, Stock Buzz), a major shareholder in HQ.