Updated strategy and cost reductions

10 Sep 2024 12:00 CEST

Today, DNB has updated the Group's strategy for the years ahead. This means that
DNB will be even more customer-centric and prioritise simplification and
digitalisation that will benefit the customers.

At the same time, the bank is preparing for a future with lower interest rates
and even tougher competition to win customers. DNB will therefore intensify its
focus on cost-effectiveness, so that the bank can continue to offer customers
the best services at a good price.

"DNB is well positioned to take new steps in the area of digitalisation and
automation. At the same time, DNB's costs have also increased in pace with high
inflation and even more regulatory requirements for banks. We acknowledge that
we have to spend our resources on fewer, but larger initiatives," says Group
Chief Executive Officer (CEO) Kjerstin Braathen.

DNB made changes to its Group management and organisational structure in May
this year, and has been working on clarifying its strategy in parallel. The next
phase is now starting, and among the measures the bank is implementing is
centralisation and downsizing of staff and support functions. The goal is a
reduction in the number of employees of around 500 full-time equivalents over
the next six months.

"Downsizing is not something we take lightly, and we understand that this will
create uncertainty among our employees. We will therefore place emphasis on
ensuring that the process is fair and proper and on keeping a good dialogue with
those who are affected, as well as the employee representatives," says Braathen.

For further information:

Rune Helland, Head of Investor Relations, tel.: (+47) 23 26 84 00 / (+47) 97 71
32 50

Øystein Kløvstad Langberg, Executive Vice President of Communications, tel.:
(+47) 98 04 88 25

This information is subject to the disclosure requirements under Section 5-12 of
the Norwegian Securities Trading Act.

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