The carrier has agreed a NOK 2.22 billion deal (£202 million) with Cidron Xingu Ltd for its 17.5% stake in the company, supported by private equity investor Nordic Capital and Finnish insurer Sampo.

Norwegian Finans Holding owns Bank Norwegian – a credit card, loan and savings company originally set up by the carrier.

Geir Karlsen, Norwegian’s acting chief executive, said the move would strengthen the carrier’s core airline operations as it focuses on transitioning from growth to profitability.

“The cooperation between the airline and the bank has been a great success in the Nordic region for many years and will continue without the airline holding any shares in NOFI,” he added.

Norwegian was the largest single shareholder in NOFI. Commercial agreements between the airline and NOFI will remain unchanged.

It comes after Norwegian last week announced plans to cut its Irish transatlantic routes, effective from 15 September.

The carrier said the routes from Dublin, Cork and Shannon had become commercially unviable due to the ongoing grounding of the Boeing 737 Max.