Norwegian Air has agreed to sell its stake in banking company Norwegian Finans Holding for €222m, boosting the loss-making airline’s finances and sending its shares sharply higher.

Budapest-based Wizz Air will continue to tap the low-cost airline business in eastern Europe, securing an advantage on western European rivals including Ryanair, Fitch Ratings has said in a review of European airlines’ recent earnings.

Norwegian Air’s Bjoern Kjos stepped down as chief executive of the airline he co-founded and turned into Europe’s third-biggest budget carrier by passenger numbers.