The Norwegian Financial Supervisory Authority has approved the merger between Sparebanken Sør and Sparebanken Vest to establish Sparebanken Norge

20 Mar 2025 11:10 CET

Reference is made to the stock exchange notices dated 2 October 2024 stating
that the General Meetings in Sparebanken Sør and Sparebanken Vest have approved
the merger of the two banks, as well as the notice dated 29 November 2024
stating that the Norwegian Competition Authority has cleared the transaction.

On 20 March 2025, the Financial Supervisory Authority of Norway (Finanstilsynet)
has, on certain conditions, granted the necessary permits to carry out the
merger between Sparebanken Sør and Sparebanken Vest in accordance with the
decisions made by the banks' General Meetings on 2 October 2024.

Sparebanken Norge shall have a capital requirement (pillar 2 requirement) that
constitutes 1.6 percent of the consolidated risk weighted assets pursuant to
Section 14-2 of the Financial Institutions Act. The requirement is included in
the minimum capital requirement and shall be met with a minimum of 56.25 percent
common equity tier 1 capital and at least 75 percent core capital (Tier 1). The
requirement shall apply at a consolidated level, including proportionate
consolidation of undertakings in a cooperating group. Sparebanken Norge will
have a capital requirement margin (pillar 2 guidance) that constitutes at least
1.1 percent of the risk-weighted assets. The capital requirement margin shall be
met with common equity tier 1 capital.

Upon completion of the merger, Brage Finans AS will become a subsidiary of
Sparebanken Norge. Frende Holding AS will remain an associated company.

The planned completion date for the merger is 2 May 2025.

The merger of the banks' covered bond companies, Sparebanken Vest Boligkreditt
AS and Sparebanken Sør Boligkreditt AS, is still being processed by the
Norwegian Financial Supervisory Authority. A clarification is expected in the
near future.

Contact persons:
Sparebanken Vest
CEO: Jan Erik Kjerpeseth, tel.: +47 951 98 430
CFO: Frank Johannesen, tel.: +47 952 65 971 

Sparebanken Sør
CEO: Geir Bergskaug, tel.: +47 901 27 206
CFO: Steinar Vigsnes, tel.: +47 906 13 135

More information:
Access the news on Oslo Bors NewsWeb site