SpareBank 1 SR-Bank ASA (SRBANK): Notification of positive financial one-off effect on Q2 results in 2018

In connection with the merger of Vipps AS, BankAxept AS and BankID Norge AS, a new valuation of the latter two companies has been set. As a result of the transaction, the bank will have to make a write-up of the book value. 

The company resulting from the merger of Vipps AS, BankAxept AS and BankID Norge AS will have a total value of NOK 3.9 billion on the date of completion for the merger. 

Following the merger, the SpareBank 1 banks will have a total stake of 22.04 %, worth approximately NOK 860 million. The stakes held by individual SpareBank 1 banks will vary. 

In the case of SpareBank 1 SR-Bank, the transferred holdings in the merged company will be worth approximately NOK 170 million.  

This entails a write-up of the book value worth approximately NOK 70 million. This change in value will have a net effect on the result for Q2 of 2018 worth the equivalent amount. 

Stavanger, 27 June 2018

Contacts:
Inge Reinertsen, Executive Vice President and Chief Financial Officer, tel. 909 95 033.
Stian Helgøy, VP Investor Relations, tel. 906 52 173.
Thor-Christian Haugland, Executive Vice President Communications, tel. 480 31633

About Us

SpareBank 1 SR-Bank is Norway’s second largest savings bank and operates in the Rogaland, Agder and Hordaland markets. We provide financial products and services, including loans and deposits, mutual funds and asset management, insurance and pension savings, payment and financing services, real estate brokerage and services related to the money and capital market. The head office is in Stavanger.

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