SpareBank 1 banks to take over Glitnir Bank ASA

The banks making up the SpareBank 1 Alliance are acquiring all shares of Glitnir Bank for NOK 300 million. Glitnir Bank's operations will remain headquartered in Trondheim until further notice.

Alongside SpareBank 1 SMN, Glitnir Bank's new owner comprises SpareBank 1 SR-Bank (20 per cent), SpareBank 1 Nord-Norge (20 per cent), 16 collaborating savings banks (20 per cent) and Sparebanken Hedmark (15 per cent). These banks are also owners of SpareBank 1 Gruppen.
 
Glitnir Bank has operations in Trondheim, Oslo, Ålesund and Fosnavåg. The bank has 160 staff and a loan portfolio totalling NOK 47 billion. The subsidiary Glitnir Factoring in Ålesund with 26 staff is part of the takeover.
 
Glitnir Bank's subsidiaries, Glitnir Privatøkonomi and Glitnor Eiendomsfinans, have been sold to the companies' management.
 
The transaction is subject to authorisation by the authorities. An application for authorisation will be filed shortly. The conditions that need to be met in order for the agreement to be implemented are expected to made clear before 30 November 2008.
 
Tromsø, 21. October 2008.

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.

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