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.

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