Storebrand ASA is given concession to acquire Finansbanken ASA
The Ministry of Finance has approved a group structure, which implies that the Storebrand Group now can be organised with two separate banks. This approval is initially given for two years, after which Storebrand again must apply to keep the two banks separated within the group structure.
The concession is given on condition that the company's core capital-ratio is maintained.
Storebrand is pleased with the fact that the concession now is given. Settlement to the shareholders in Finansbanken will be made within 10 days after the concession was received.
CEO Åge Korsvold says that Storebrand now will start the concrete work to realise the interesting strategic potential which is implied in the co-operation between Finansbanken and Storebrand, especially within asset management and private banking.
Storebrand has announced several transactions this spring. Storebrand's strong financial position is maintained after these transactions are completed. On this background, Storebrand has a dialogue with the authorities on the need to carry out a share issue to finance the acquisition of Finansbanken, which in isolation will give a reduction in the group's capital-ratio.
It is otherwise referred to the presentation of the Group's accounts for the first half 1999 on 25 August, where the financial consequences of the transactions will be presented in more detail.
Oslo, 2 August 1999 <br> <br>Contact person: <br>Egil Thompson, Assistant Director of Corporate Communications <br>Telephone +47 22 48 95 86 <br>