Change of ownership in BN Bank ASA and SpareBank 1 Næringskreditt AS
The banks of the SpareBank 1 Alliance have entered into an agreement regarding changes in ownership structure in BN Bank ASA, including the B-shares in SpareBank 1 Næringskreditt AS, where there is a redistribution of shares amongst current owners coupled with SpareBank 1 Østlandet coming in as a new owner.
Post execution of the transactions, BN Bank ASA will have the following ownership structure:
- SpareBank 1 SMN: 35.02 %
- SpareBank 1 SR-Bank: 35.02 %
- SpareBank 1 Nord-Norge: 9.99 %
- SpareBank 1 Østlandet: 9.99 %
- SpareBank 1 BV: 5.00 %
- SpareBank 1 Østfold Akershus: 2.52 %
- SpareBank 1 Telemark: 2.46 %
The B-shares in SpareBank 1 Næringskreditt will have an identical ownership structure to BN Bank ASA.
In the transaction, BN Bank ASA and SpareBank 1 Næringskreditt are valued at NOK 4.1 billion and NOK 2.1 billion respectively. This corresponds to a Price-to-book ratio per 31 December 2018 of 1.1 and 1.0 respectively.
In connection with the ownership changes, SpareBank 1 Nord-Norge will sell 1 907 117 shares in BN Bank ASA and 969 296 B-shares in SpareBank 1 Næringskreditt AS. This will lead to the bank owning 9.99% % of BN Bank ASA and B-shares of SpareBank 1 Næringskreditt after completion of the transactions. In sum, SpareBank 1 Nord-Norge will sell shares for a total of 682.1 MNOK.
Based on the bank’s reported numbers per 31 December 2018, the transaction will lead to an increase in Common Equity Tier 1 of approximately 0.8 – 1.0 percentage points.
The transaction is, amongst other things, conditional upon regulatory approvals.
SpareBank 1 Markets AS has acted as the financial adviser in the transaction, and BAHR AS has acted as the legal adviser.
Rolf Eigil Bygdnes, CFO, telephone 905 19 774