Sparebanken Norge launches transformation programme

11 Jun 2026 09:15 CEST

Sparebanken Norge has initiated the announced transformation programme to
strengthen the bank’s competitiveness in a market characterised by increased
digitalisation, changing customer needs and tighter cost requirements.

“We are seeing the operating environment change. Net interest income is under
significant pressure and competition is intensifying. To achieve our ambitions,
we must strengthen our execution capabilities and prepare the bank for the
future,” says Jan Erik Kjerpeseth, CEO of Sparebanken Norge.

The programme comprises several key development areas across the bank, including
stronger nationwide distribution, increased use of artificial intelligence,
modernisation of technology and continued enhancement of customer experiences.

As part of the transformation programme, the bank is planning a workforce
rebalancing that will involve a reduction of approximately 100–120 full-time
equivalents in certain divisions compared with the staffing level at the end of
the first quarter of 2026. This will apply to staff and support functions,
personal banking and direct banking. The measures will be implemented during
2026. These measures are not primarily related to the merger and its effects but
are a necessary step to address competition in the market, with pressure on net
interest income and continued high inflation. In connection with the capital
markets day in August 2026, the bank will provide further information on the
financial effects of the measures.

“We will carry out the process in a responsible and orderly manner, with strong
involvement of employee representatives and follow-up of the employees who will
be affected,” says CEO Jan Erik Kjerpeseth.

The transformation programme will also support and create room for an ambitious
expansion into new market areas, which entails a significant increase in
staffing in the customer divisions in the phase we are now in as we build
Sparebanken Norge. Overall, there is therefore reason to believe that the number
of full-time equivalents in the bank will remain at approximately today’s level
over time.

Contacts:
Hanne Dankertsen, Director of Communications, tel.: +47 994 49 173
Hans Olav Ingdal, CFO, tel.: +47 948 09 328
Brede Borgen Kristiansen, Director Finance and Investor Relations, tel.: +47 479
06 402

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