SpareBank 1 SR-Bank ASA (SRBANK): Notification of positive financial one-off effect on Q2 results in 2018

In connection with the merger of Vipps AS, BankAxept AS and BankID Norge AS, a new valuation of the latter two companies has been set. As a result of the transaction, the bank will have to make a write-up of the book value. 

The company resulting from the merger of Vipps AS, BankAxept AS and BankID Norge AS will have a total value of NOK 3.9 billion on the date of completion for the merger. 

Following the merger, the SpareBank 1 banks will have a total stake of 22.04 %, worth approximately NOK 860 million. The stakes held by individual SpareBank 1 banks will vary. 

In the case of SpareBank 1 SR-Bank, the transferred holdings in the merged company will be worth approximately NOK 170 million.  

This entails a write-up of the book value worth approximately NOK 70 million. This change in value will have a net effect on the result for Q2 of 2018 worth the equivalent amount. 

Stavanger, 27 June 2018

Contacts:
Inge Reinertsen, Executive Vice President and Chief Financial Officer, tel. 909 95 033.
Stian Helgøy, VP Investor Relations, tel. 906 52 173.
Thor-Christian Haugland, Executive Vice President Communications, tel. 480 31633