The supervisory board of SpareBank 1 SR-Bank passed the decision to restructure into a public limited savings bank
The supervisory board of SpareBank 1 SR-Bank has in a meeting on 25 November 2010 (unanimously) passed the board's recommendation to restructure the bank as a public share corporation (ASA) in line with the summons published in the announcement to the stock exchange on 5 November.
The strong development of the bank over the course of several years has been decisive for providing the region with the required capital. A continued profitable and healthy bank, with good access to both equity and debt capital, will be of great importance for continued growth and development in the region.
An application for restructuring will be submitted to the Financial Supervisory Authority as advisory authority by the end of December this year. Final permission is dependent on approval by the Ministry of Finance.
Stavanger, 25 November 2010
Terje Vareberg, CEO, telephone +47 911 00 448
Inge Reinertsen, CFO, telephone +47 909 95 033
Thor-Christian Haugland, Executive Vice President Communications, telephone +47 480 316 33
Vidar Torsøe, Director Investor Relations, telephone +47 970 80 656