DnB NORD

​

Since 2005, DnB NOR Bank ASA (DnB NOR) and Norddeutsche Landesbank Girozentrale (NORD L/B) have owned 51 per cent and 49 per cent, respectively, of Bank DnB NORD A/S. Bank DnB NORD A/S has subsidiary banks in Latvia, Lithuania and Poland.

DnB NOR has today, on 14 July 2010, pursuant to the shareholder agreement, notified NORD L/B that DnB NOR reserves the right to exercise its option to acquire NORD L/B’s 49 per cent ownership interest in Bank DnB NORD A/S. If DnB NOR chooses to exercise its option, this must take place between 1 and 30 August 2010. After DnB NOR has exercised its option, NORD L/B may require to take over the Polish subsidiary bank.

If DnB NOR chooses not to exercise its option, NORD L/B may require that DnB NOR takes over its 49 per cent share minus the Polish bank. Alternatively, NORD L/B may require to take over DnB NOR’s 51 per cent share.

If the parties do not reach agreement on price, this must be determined in accordance with an agreed arbitration mechanism.