Reorganisation of Storebrand Bank and Finansbanken
For Storebrand Bank, the need to improve profitability arose as a result of the difficult market conditions in 2001. Consequently, the bank and its staff instigated a comprehensive improvement process in the second half of 2001. 130 profit-enhancing measures on both cost and income sides were identified. These measures are incorporated into the bank's budget and plans for 2002. In addition, the bank has been reorganised with strong focus on sales and cost-effective operations.
"We are giving a large number of our employees notice of reorganisation, primarily at the head office. This notice of reorganisation does not affect the bank's 170 financial advisers. Positions in the new organisation will be filled during the two-month reorganisation period. Compared to last year, the number of staff will be reduced by up to 64 man-years", says Kai G. Henriksen, Managing Director of Storebrand Bank. The bank employed 417 man-years at the turn of the year 2001/2002. Seen in isolation, the effect of the profit-enhancement measures on an annual basis is NOK 114 million, while the impact on the profit for this year is NOK 84 million.
Against a similar background, Finansbanken has resolved to gather its Norwegian business at the head office in Oslo. This concentration of activities ensures better commercial focus by bringing together management and the professional circles. This will therefore also produce cost savings in both the short and the long term. The change implies that the branch office in Bergen will be closed and the 11 employees will be given notice of reorganisation.
Oslo, 15 January 2002
<br>For further details: <br>Storebrand ASA: Egil Thompson, <br>Director Corporate Communications <br>tel.: + 47 22489586, mobile + 47 93480012 <br> <br>Storebrand Bank: Kai G. Henriksen, <br>Managing Director <br>tel.: + 4722311196, mobile +47 92847820 <br> <br>Finansbanken ASA: Per Kjetil Lilleskare, General Manager <br>tel.: + 47 22474092, mobile +47 41505750 <br>