Merger and ownership changes in SpareBank 1 Markets

SpareBank 1 SMN will integrate its markets operation into SpareBank 1 Markets. The settlement will be in SpareBank 1 Markets shares. Consequently, SpareBank 1 SMN will become the principal shareholder in the combined company.  Following the merger and a planned equity issue of MNOK 65 in September 2014, the ownership structure in SpareBank 1 Markets will be as follows:

SpareBank 1 SMN:   73.3 % (previously 27.0 %)
SpareBank 1 Nord-Norge:  10.0 % (27.0 %)
SamSpar:    10.0 % (27.0 %)
Sparebanken Hedmark:  6.1 % (16.6 %)
Other shareholders:   0.6 % (2.2%)

The operations of the two companies will primarily continue as-is, with 70 employees in Oslo and 40 employees in Trondheim. The merged company will be led by Stein Husby. The business area 'Foreign Exchange and Derivatives', as well as certain supporting functions, will be located in Trondheim.   The Markets operations of SpareBank 1 Nord-Norge  will continue to be operated in SpareBank 1 Nord-Norge.  The cooperation between the owner banks – including SpareBank 1 Nord-Norge – and SpareBank 1 Markets, will continue. Further reference is made to todays notification from SpareBank 1 Markets and SpareBank 1 SMN.

Contact persons:
CEO Jan-Frode Janson, mobil +47 909 75 183
CFO Rolf-Eigil Bygdnes, mobil +47 905 19 774

About Us

SpareBank 1 Nord-Norge is a leading provider of financial products and services in North-Norway. In addition to loans, deposits and payment transmission services, this also comprises most other savings products, as well as life- and non-life insurance products. Services and products are made available either by the bank and its subsidiaries, or through SpareBank 1 Gruppen AS's product companies.