SpareBank 1 SR-Bank ASA (SRBANK); Strengthening 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.

In connection with the ownership changes, SpareBank 1 SR-Bank will acquire 1.533.411 shares in BN Bank ASA and 766.065 B-shares in SpareBank 1 Næringskreditt AS. This will lead to the bank owning 35,02% % of BN Bank ASA and B-shares of SpareBank 1 Næringskreditt after completion of the transactions (including the current indirect exposure through Samarbeidende Sparebanker Bankinvest AS). In sum, SpareBank 1 SR-Bank will acquire shares for a total of 546,7 MNOK.

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 4.1 billion kroner and 2.1 billion kroner respectively. This corresponds to a Price-to-book ratio per 31 December 2018 of 1.10x and 1.00x respectively.

Based on the bank’s reported numbers per 31 December 2018, the transaction will lead to a decrease in Common Equity Tier 1 of approximately 0,30 %-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. Stavanger, 1 March 2019

Contact details:

Inge Reinertsen, CFO, Tel. +47 909 95 033 Stian Helgøy, Vice President Investor Relations, Tel. +47 906 52 173 This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

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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