SpareBank 1 SR-Bank increasing its stake in SpareBank 1 Markets
SpareBank 1 SR-Bank ASA (SRBNK) is increasing its investment in capital markets and its stake in SpareBank 1 Markets AS. This will ensure customers have access to a strong capital markets environment, with regional and national anchoring.
SpareBank 1 SR-Bank is increasing its stake in SpareBank 1 Markets from 5.57% to 33.34%. It is doing so by spinning off SpareBank 1 SR-Bank Markets and transferring it to SpareBank 1 Markets. In addition, a private placement of NOK 132 million will be made against SpareBank 1 SR-Bank.
“With this transaction, we are strengthening our investment in capital markets, for which we have clear growth ambitions going forward. This will provide our customers with a broader offer and the option of close follow-up and advice from one of the country’s most proficient environments for capital market services,” says Benedicte Schilbred Fasmer, CEO of SpareBank 1 SR-Bank.
The transaction is subject to the approval of the Financial Supervisory Authority of Norway and the Norwegian Competition Authority. The transaction is also subject to the application for tax relief pursuant to section 11-22 of the Norwegian Taxes Act being granted by the Norwegian Ministry of Finance. All of the shareholders in SpareBank 1 Markets must also accept the new shareholder agreement.
Assuming the necessary approvals are forthcoming, the transaction will be completed on 1 January 2023. It will have a positive effect on SpareBank 1 SR-Bank’s profit before tax amounting to NOK 421 million.
SpareBank 1 Market’s ownership ratios will also be affected by SpareBank 1 Nord-Norge transferring its capital market activity to SpareBank 1 Markets. Once the transaction has been completed, SpareBank 1 SR-Bank, SpareBank 1 Midt-Norge and SpareBank 1 Nord-Norge will be the three largest owners of the company with 33.34%, 39.4%, and 18.1%, respectively.
Through this, the SpareBank 1 banks establish a more resilient national capital market environment, with a strong regional presence in Tromsø, Trondheim and Stavanger in addition to Oslo.
SpareBank 1 Markets is dedicated to strong professional environments and competence close to its customers. A larger and more unified organisation will provide opportunities for staff development and to share expertise. It will ensure customer offers of the same value throughout the market and facilitate joint business development.
“This complementary transaction will help provide SpareBank 1 Markets with an even more robust and profitable platform. The transaction is expected to contribute to increased and more diversified income, a stronger organisation due to the transfer of experienced and skilled staff, greater proximity to customers combined with a better customer offer, stronger interaction with the SpareBank 1 banks and an even stronger operational platform. Overall, the transaction is expected to be beneficial for customers, employees and owners,” says Stein Husby, CEO of SpareBank 1 Markets.
Stavanger, 22 June 2022
Contact people:
Benedicte Schilbred Fasmer, CEO – Tel.: +47 950 60 034
Inge Reinertsen, CFO – Tel.: +47 909 95 033
Stian Helgøy, Director of Investor Relations – Tel.: +47 906 52 173
Øyvind Knoph Askeland, Director of Communications – Tel.: +47 922 32 639
This information is disclosed in compliance with section 5-12 of the Securities Trading Act.