SpareBank 1 SR-Bank ASA (SRBANK); SpareBank 1 Gruppen AS retains 65 % ownership in Fremtind Forsikring AS

SpareBank 1 SR-Bank’s partly owned company SpareBank 1 Gruppen AS has, as previously communicated, entered into an option agreement with DNB that could reduce the company's ownership interest in Fremtind Forsikring AS from 65% to 60% ownership no later than the end of Q1 2020. By option deadline, Tuesday 31.03 at. At 24:00, SpareBank 1 Gruppen AS has not received the necessary notification from DNB ASA regarding the requirement to exercise, and the option has therefore lapsed in its entirety.

DNB ASA has stated that they are satisfied with the cooperation and development of Fremtind Forsikring AS, and is interested in increasing its stake in the company in the long term. However, due to the circumstances in today's market, DNB ASA has stated that exercising such an option is not desirable today.

SpareBank 1 Gruppen AS and DNB ASA thus retain the current ownership shares of 65 per cent and 35 per cent respectively. DNB ASA has further stated that they wish to resume the dialogue with SpareBank 1 Gruppen AS to increase their ownership interest in Fremtind Forsikring AS.
 

Stavanger, April 1 2020

Contact persons:
Inge Reinertsen, CFO, Tel. +47 909 95 033
Stian Helgøy, Vice President Investor Relations, Tel. +47 906 52 173
Thor-Christian Haugland, Executive Vice President Communications, Tel. +47 480 31 633

This information is disclosed in compliance with section 5-12 of the Securities Trading Act.