Arne Austreid to take over as Chief Executive Officer of SpareBank 1 SR-Bank

Arne Austreid has been appointed new Chief Executive Officer of SpareBank 1 SR-Bank. He succeeds Terje Vareberg who will be resigning his position at the end of this year. Austreid, who is 54 years old, says he is looking forward to leading what he refers to as one of the most important and most exciting companies in the geographic region.

The new Chief Executive Office was born and raised in Karmøy. He is currently President and Chief Executive Officer of Prosafe SE, a listed company he has been with since 1999. Austreid is educated as a petroleum engineer and he has an MBA from Scotland's Aberdeen University. Arne Austreid has broad international experience from a range of positions with Prosafe and Transocean, among others.

Prosafe is an international company that owns and manages accommodation/service rigs around the world. The company's head office is in Cyprus, and it has offices inter alia in Stavanger. In addition to playing a major role in the company's development since its establishment in 1999, Austreid has been recognised as a major agenda-setter for the business community in general and the offshore industry in particular

"I am very happy to have been given this opportunity, and I have a great deal of respect for the work that has been carried out and the good results that have been achieved over the last decade under Terje Vareberg's leadership. This presents a solid platform on which to further develop and strengthen the bank in the years to come.  

SpareBank 1 SR-Bank is the leading financial institution in the South and West of Norway, with 53 offices in 34 municipalities and more than 1,100 employees.  The group's market area is primarily Agder, Rogaland and Hordaland. As market leader in the retail and corporate markets alike, SpareBank 1 SR-Bank has a special responsibility for stimulating further growth and continued positive development in this part of the country".

"The Board of Directors is of the opinion that good results are created through trust, collaboration and dialogue with customers, employees and their elected officers. This culture is an integral part of SpareBank 1 SR-Bank. The Board believes that Arne Austreid has the experience and personal qualities needed to contribute to a further reinforcement of this culture", says Kristian Eidesvik, Chairman of the Board of Directors of SpareBank 1 SR-Bank

"We have a history spanning 170 years that is to be continued. Throughout these years, we have built up competence and experience. This, together with Austreid's wealth of experience from management and international business, makes the bank well equipped to meet future challenges", says Eidesvik.  

Stavanger 27 May 2010

Contacts:

Kristian Eidesvik, Chairman of the Board of Directors, SpareBank 1 SR-Bank, tel. +47 909 54295

Arne Austreid, tel. +35 79 92 75030