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Bank collaboration in Helgeland - the Financial Supervisory Authority of Norway has approved the transaction

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Reference is made to stock exchange notice of 18 March stating that SpareBank 1 Nord-Norge and Helgeland Sparebank are to establish a strategic, future-oriented collaboration. SpareBank 1 Nord-Norge will become a long-term owner of Helgeland Sparebank with a 19.99% stake of the bank's equity certificates. For its part, Helgeland Sparebank will acquire SpareBank 1 Nord-Norge's banking business linked to the branches in Helgeland.

Today, 5 November 2020, SpareBank 1 Nord-Norge received permission from the Financial Supervisory Authority of Norway to divest its activities which are connected to the offices in Brønnøysund, Mo i Rana, Mosjøen and Sandessjøen. Furthermore, the Financial Supervisory Authority of Norway approved that SpareBank 1 Nord-Norge may become an owner of up to 20% of Helgeland Sparebank.

Completion of the transaction will remain conditional on inter alia Helgeland Sparebank obtaining necessary approvals from the Financial Supervisory Authority of Norway related to (i) carrying out the planned equity capital certificate issue; and (ii) Helgeland Sparebank's entry into SamSpar. These applications will be submitted by Helgeland Sparebank to the Financial Supervisory Authority of Norway separately and in advance of completion of the transaction which is expected to be executed in second quarter 2021.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

Contact persons SpareBank 1 Nord-Norge:

  • Liv B. Ulriksen, CEO (tel. +47 957 31 130)
  • Bengt Olsen, CFO (tel. + 47 975 89 560).

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