Storebrand Bank ASA divests subsidiary and simplifies company structure

Storebrand Bank ASA and Annexstad Hartvig Wenneberg AS have entered into an agreement to transfer all shares in the bank`s wholly owned subsidiary Finansbanken Formuesforvaltning ASA. The company has five employees and has since 1999 been engaged in discretionary management of client assets.

The change of control happens in understanding with the employees in Finansbanken Formuesforvaltning ASA. Four of the five employees will have their conditions of employment transferred to the acquiring company and will continue to develop the business further with the new owner.
 
The sale occurs as part of the ongoing process to clarify and simplify the bank`s strategy, product palette and company structure following the merger between former Finansbanken ASA and former Storebrand Bank AS. In conjunction with the sale of Finansbanken Formuesforvaltning ASA, the sister company Finansbanken Plasseringsrådgivning AS and the two companies` holding company, Finansbanken Forvaltning AS, are winded up.
 
The accounting effect by the sale of Finansbanken Formuesforvaltning ASA is negative by NOK 34.9 million before tax. The loss is mainly due to goodwill write-offs. The total accounting effect of the sale of Finansbanken Formuesforvaltning ASA together with the wind up of Finansbanken Plasseringsrådgivning AS and Finansbanken Forvaltning AS is a loss of NOK 35.4 million before tax. Due to the realisation of a tax loss, the accounting effect after tax is positive with NOK 6.4 million.
 
 
Oslo, 15 December 2003

Contacts: <br> <br> Head of Investor Relations Nils Robert Hodnesdal: <br> Tel.: + 47 22 31 55 33 - Cell: + 47 93 40 38 13 <br> <br> Information Director Egil Thompson: <br> Tel.: + 47 22 48 95 86 - Cell: + 47 93 48 00 12 <br> <br> Director Per Kjetil Lilleskare, Storebrand Bank ASA: <br> Cell: + 47 41 50 57 50

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