Handelsbanken not to make bid for Kreditkassen
When MeritaNordbanken made a bid for Kreditkassen, Handelsbanken declared its intention to make a counterbid exceeding 44 kronor. This was on condition that the Norwegian parliament - contrary to expectations -should decide to sell Kreditkassen.
The Norwegian parliament has now instead decided to commission the government and the Government Bank Investment Fund to investigate the future banking structure in Norway. Handelsbanken is therefore no longer interested in making a bid. The situation will be reviewed when the investigation is completed.
Instead, Handelsbanken will continue to expand the successful operations which it has created in Norway over the past 10 years. It has 22 branches all over the country and during 2000 expects to earn 400 million kronor.
Handelsbanken's President and Group Chief Executive, Arne Mårtensson, comments: " We have never really believed that MeritaNordbanken's bid would lead to a straight and unconditional sale of Kreditkassen at the present time. Nor did it turn out that way. Thus what we said about a counterbid no longer applies either. Instead we will continue to expand the successful operations we have created over a period of 10 years in Norway. We will review the situation in 2000 when the government's investigation is completed. We do not intend to commit ourselves to making any bids for an undetermined period of time. We therefore consider the matter closed as far as we are concerned."
<br>For further information please contact <br>Mr Arne Mårtensson, President and Group Chief Executive, +46 8 22 92 20 <br>Mr Björn-Åke Wilsenius, Head of Regional Bank Norway, +47 22 94 08 70 <br>Mr Lars Lindmark, Head of Corporate Communications, +46 8 701 10 36 <br>