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

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:

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)