SpareBank 1 SR-Bank exploring possible conversion to limited savings bank

In view of developments in national and international financial markets, at a meeting on 28 June 2010, the Supervisory Board of SpareBank 1 SR-Bank discussed the bank's long-term challenges and opportunities, including competitive access to equity and funding.

The bank's strong performance over many years has been key to supplying this part of the country with the capital it needed. A continued profitable and solid bank, with an ample access to equity and funding, will be crucial to sustained growth and development in the region. 

"During the past fifteen years SpareBank 1 SR-Bank has been one of Norway's most profitable banks. For this excellent performance to continue, it is important that it is attractive for investors to lend us money as well as participate in the bank as owners. We have now reached a size, with regard to future funding and equity needs, that could make equity certificates a less suitable equity instrument," says Terje Vareberg, CEO of SpareBank 1 SR-Bank. 
 
In view of this, the Supervisory Board has asked the Board of Directors to study the benefits and drawbacks of a possible conversion of SpareBank 1 SR-Bank to a limited savings bank. The report will be presented to the Supervisory Board during the second half of 2010.

Stavanger, 28 June 2010


Contact persons:
Terje Vareberg, CEO, tel. +47 911  00 448
Vidar Torsøe, Deputy CFO, tel. + 47 970 80656
Thor-Christian Haugland, Executive Vice President Communications, tel. +47 480 31 633