SpareBank 1 SR-Bank and SpareBank 1 Sørøst-Norge forms SpareBank 1 Sør-Norge

26 Oct 2023 07:32 CEST

The boards of SpareBank 1 SR-Bank ASA and SpareBank 1 Sørøst-Norge have Thursday
26 October approved a plan for merging the banks. Together we will form
SpareBank 1 Sør-Norge ASA.

SpareBank 1 Sør-Norge ASA now consolidates its position as the far largest
savings bank in Norway and the second largest bank in the country, set to emerge
as a strong competitor among Norwegian and Nordic commercial banks.

"We are set to become a powerful player, with our head office located outside
the capital. Customers will receive an upgraded offering and gain access to
strong centers of competence. Simultaneously, we will benefit from reduced
capital costs and an efficient utilization of our economies of scale. Our close
collaboration within the SpareBank 1 Alliance, alongside powerful product
companies, joint development of new digital solutions and handling of regulatory
requirements will play an instrumental role in our success", says Benedicte
Schilbred Fasmer, CEO of SpareBank 1 SR-Bank.

"We will strengthen local employment and contribute to many attractive jobs
throughout southern Norway. We therefore invite all employees of both banks to
join us further. The office locations complement each other geographically, and
we will keep the current offices", says Per Halvorsen, CEO of SpareBank 1
Sørøst-Norge.

A savings bank for local communities

SpareBank 1 Sør-Norge has deep savings bank roots. The group will become
Norway's largest savings bank, with around 2,300 employees spread over 65
offices in southern Norway, and will have assets of around NOK 500 billion, and
around NOK 375 billion in total lending to individuals and businesses. SpareBank
1 Sør-Norge will stand by its customers in their everyday lives, support their
future plans, and serve as a key ally in the development of our local
communities and municipalities.

The current CEO of SpareBank 1 SR-Bank, Benedicte Schilbred Fasmer, will take on
the position as CEO of SpareBank 1 Sør-Norge ASA, while the current CEO of
SpareBank 1 Sørøst-Norge, Per Halvorsen, will become Deputy CEO. The group will
be headquartered in Stavanger. Strong centers of competence and corporate
functions will be continued in Sandefjord and Stavanger, alongside several other
locations in South Norway.

A boost for customers, employees and owners

"The new financial group will become a powerful player through its collaboration
and ownership in the SpareBank 1 Alliance. SpareBank 1 Sør-Norge is committed to
actively contributing to the alliance's growth in partnership with other
SpareBank 1 banks. SpareBank 1 Sør-Norge will also benefit from a stable
ownership, with seven local savings bank foundations collectively owning more
than 40% of the merged bank", says Finn Haugan, Chairman of the Board of
SpareBank 1 Sørøst-Norge.

The financial group, SpareBank 1 Sør-Norge, will consist of a strong bank and
subsidiaries, offering several attractive work opportunities within local
communities. SpareBank 1 Sør-Norge is set to establish leading positions in the
fields of real estate and accounting services, with annual turnover of NOK 640
million and NOK 500 million, respectively.

SpareBank 1 Sør-Norge will be a publicly listed savings bank with A-IRB status
and robust access to capital in the global equity and bond markets, contributing
to increased competition ultimately benefiting customers.

"SpareBank 1 Sør-Norge will become a strong, profitable financial group driven
by an enhanced and more efficient capital access. The merger will make us
attractive to customers, employees and owners", says Dag Mejdell, Chairman of
the Board of SpareBank 1 SR-Bank.

The completion of the merger is conditional on the general meeting of SpareBank
1 SR-Bank and the supervisory board of SpareBank 1 Sørøst-Norge approving the
merger plan and that relevant supervisory authorities granting the necessary
permissions.

For more information, please contact:

Øyvind Knoph Askeland, Director of Communications of SpareBank 1 SR-Bank. Tel.
+47 922 32 639
Live Stensholt, Head of Communications of SpareBank 1 Sørøst-Norge. Tel. +47 926
10 770
Benedicte Schilbred Fasmer, CEO of SpareBank 1 SR-Bank. Tel. +47 950 60 034
Per Halvorsen, CEO of SpareBank 1 Sørøst-Norge. Tel. +47 934 07 441

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