SpareBank 1 SR-Bank buys 20 % of Glitnir Bank ASA

Together with the SpareBank 1 banks, SpareBank 1 SR-Bank is buying Glitnir Bank ASA for NOK 300 million. Until further notice, the bank will continue operating out of the main office in Trondheim.
The new owners of Glitnir Bank are SpareBank 1 SMN (ownership stake of 25 per cent), SpareBank 1 SR-Bank (20 per cent), SpareBank 1 Nord-Norge (20 per cent), 16 Samarbeidende Sparebanker (20 per cent ) and Sparebanken Hedmark (15 per cent). These banks also own the SpareBank 1 Gruppen.
Glitnir Bank operates in Trondheim, Oslo, Ålesund and Fosnavåg. The bank has 160 employees and a total loan portfolio of NOK 47 billion. With 26 employees, the subsidiary Glitnir Factoring in Ålesund is also part of the takeover.
"The SpareBank 1 banks have the strength and soundness to carry out such a purchase without the injection of fresh capital," says Terje Vareberg, chief executive officer of SpareBank 1 SR-Bank.
Well run
Glitnir Bank is a continuation of BNbank in Trondheim and Kredittbanken in Ålesund, two banks with deep roots.
"We know both of these businesses as well-run banks with an interesting customer portfolio," says Vareberg.
"At the same time the move provides SpareBank 1 a stronger foothold in Oslo. Sixty per cent of Glitnir's loan portfolio is located in and around Oslo. SpareBank 1's position in Hordaland will also be strengthened," Vareberg adds.
Solid owner
Glitnir Bank applied and received a financing guarantee from Bankenes Sikringsfond on 8 October this year. The main purpose of the liquidity support was to facilitate a structural solution for Glitnir Bank.
"Once it was clear the bank had to be sold, we have been focused on protecting our many customers and capable employees in a reassuring manner. We have managed to do this. Glitnir Bank will now have a solid owner with the strength to move the business and customer relationships forward," says Morten Bjørnsen, chief executive officer of Glitnir Bank.
Glitnir Bank subsidiaries Glitnir Privatøkonomi and Glitnir Eiendomsfinans have been sold to the companies' management. 
The transaction is subject to licensing, for which an application will be submitted shortly. The conditions for carrying out the agreement are expected to be met before 30 November 2008.
Stavanger, 21 October 2008.
Terje Vareberg, Chief Executive Officer, SpareBank 1 SR-Bank;
Telephone +47 911 00448
Thor-Christian Haugland, Executive Vice President, Communications and Public Relations, SpareBank 1 SR-Bank;
Telephone +47 480 31633
Kommunikasjonsdir. Bjørn Richard Johansen i Glitnir Bank;
tlf 47 800 100

About Us

SpareBank 1 SR-Bank is Norway’s second largest savings bank and operates in the Rogaland, Agder and Hordaland markets. We provide financial products and services, including loans and deposits, mutual funds and asset management, insurance and pension savings, payment and financing services, real estate brokerage and services related to the money and capital market. The head office is in Stavanger.