The SpareBank 1 banks have acquired Glitnir Bank ASA for NOK 300 million. The acquisition is carried out without the SpareBank 1 banks bringing in fresh capital.

 

The new owners of Glitnir Bank are SpareBank 1 SMN (25 per cent), SpareBank 1 SR-Bank (20 per cent), SpareBank 1 Nord-Norge (20 per cent), 16 collaborating savings banks (20 per cent) and Sparebanken Hedmark (15 per cent).

 

"This is a day of joy in SpareBank 1 and Glitnir Bank. The licence has been given, and all conditions devised in the acquisition contract have been met. These include the attachment levied on the shares of Glitnir Bank, so the planned transaction can go ahead as intended," says CEO Eldar Mathisen at SpareBank 1 Gruppen, who will be the Chairman of the Board in Glitnir Bank ASA.

 

"We can now intensify our effort to arrive at a long-term industrial solution in keeping with the market. The aim is to complete a new foundation for the bank in the course of the first quarter of 2009," says Mr. Mathisen.

 

In addition to Mr. Mathisen the Board of Glitnir Bank ASA will consist of Kjell Fordal, Executive Director of Finance of SpareBank 1 SMN (Deputy Chair); Lisbeth K. Nærø, Executive Director of Finance in SpareBank 1 SR-Bank; Liv Bortne Ulriksen, Group Executive Director in SpareBank 1 Nord-Norge and Marianne Sommerro Evensen, Controller in SpareBank 1 Vestfold. MBA Roar Nyhus and Employee Representative Bård Idar Kvam from the former Board of Glitnir Bank ASA will also continue as board members.

 

"As employees we look forward to becoming part of SpareBank1 and to creating value for our new owners. We can now put months of uncertainty behind us and look ahead once again," says Bård Idar Kvam in Glitnir Bank ASA.

 

 

Trondheim, 4 December 2008.

 

CEO Eldar Mathisen at SpareBank 1 Gruppen, mobile +47 90 03 32 66

CEO Morten Bjørnsen at Glitnir Bank ASA, mobile +47 47 800 100