Nordax was established by Palamon and a team of highly experienced industry executives to originate and underwrite medium-term, unsecured personal loans throughout the Nordic region.  Launching its product first in Sweden, then in Norway and Denmark, and now targetting Finland, Nordax has built a highly profitable loan book of more than €500 million by marrying innovative statistical underwriting techniques with a direct marketing programme which is unique to those markets.  In July 2006, Nordax achieved a major milestone by completing Scandinavia's first ever asset-backed securitisation of unsecured consumer loans.  From a standing start in 2003, Nordax has now established itself as one of the premier providers of consumer finance in the Nordic region.