SpareBank 1 SMN : Change of ownership in BN Bank ASA and SpareBank 1 Næringskreditt AS

2/28/2019, 5:00 PM (Source: GlobeNewswire)

The banks of the SpareBank 1 Alliance have entered into an agreement regarding changes in ownership structure in BN Bank ASA. For SpareBank 1 SMN, this will lead to an increase in ownership in BN Bank ASA from 33.0 % to 35.02 %.

Post execution of the transactions, BN Bank ASA will have the following ownership structure:

SpareBank 1 SMN 35,02 %
SpareBank 1 SR-Bank 35,02 %
SpareBank 1 Nord-Norge 9,99 %
SpareBank 1 Østlandet 9,99 %
SpareBank 1 BV 5,00 %
SpareBank 1 Østfold Akershus 2,52 %
SpareBank 1 Telemark 2,46 %

The agreement also involves the B-shares in SpareBank 1 Næringskreditt, which will have an identical ownership structure to BN Bank ASA. 

In the transaction, BN Bank ASA and SpareBank 1 Næringskreditt are valued at NOK 4.1 billion and NOK 2.1 billion respectively. This corresponds to a Price-to-book ratio per 31 December 2018 of 1.10x and 1.00x respectively.

In connection with the ownership changes, SpareBank 1 SMN will buy 284,683 shares in BN Bank ASA and 132,403 B-shares in SpareBank 1 Næringskreditt AS. This will lead to the bank owning 35.02 % of BN Bank ASA and B-shares of SpareBank 1 Næringskreditt after completion of the transactions. In sum, SpareBank 1 SMN will buy shares for a total of 100.2 MNOK.

Based on the bank's reported numbers per 31 December 2018, the transaction will lead to a reduction in Common Equity Tier 1 of approximately 0.1 %-points.

The transaction is, amongst other things, conditional upon regulatory approvals.

SpareBank 1 Markets AS has acted as the financial adviser in the transaction, and BAHR AS has acted as the legal adviser.


Trondheim, 28 February 2019

Contact details:

CFO Kjell Fordal, tel: +47 905 41 672

Corporate Communcations Director Hans Tronstad, tel: +47 941 78 322

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: SpareBank 1 SMN via Globenewswire

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