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SpareBank 1 SMN (OSL:MING) SpareBank 1 Banks To Take Over Glitnir Bank

SpareBank 1 SMN (OSL:MING) The banks making up the SpareBank 1 Alliance are acquiring all shares of Glitnir Bank for NOK 300 million. Glitnir Bank's operations will remain headquartered in Trondheim until further notice.

Alongside SpareBank 1 SMN, Glitnir Bank's new owner comprises SpareBank 1 SR-Bank (20 per cent), SpareBank 1 Nord-Norge (20 per cent), 16 collaborating savings banks (20 per cent) and Sparebanken Hedmark (15 per cent). These banks are also owners of SpareBank 1 Gruppen.

Glitnir Bank has operations in Trondheim, Oslo, Ålesund and Fosnavåg. The bank has 160 staff and a loan portfolio totalling NOK 47 billion. The subsidiary Glitnir Factoring in Ålesund with 26 staff is part of the takeover.

"The SpareBank 1 banks have the strength and solidity needed to undertake an acquisition of this type without bringing in fresh capital," says President and CEO Finn Haugan at SpareBank 1 SMN on behalf of the new owners of Glitnir Bank.

Well run Glitnir Bank represents a continuation of the traditions of BNbank in Trondheim and Kredittbanken in Ålesund.

"We know both these institutions as well-run banks with an interesting customer portfolio. Further, both have very well-developed competencies in areas which are a fine supplement to SpareBank 1, in particular shipping and offshore as well as commercial real estate," says Finn Haugan.

"Taking over Glitnir Bank's loan portfolio gives SpareBank 1 a firmer foothold in Oslo. 60 per cent of Glitnir Bank's loan portfolio is located in and around Oslo. At the same time SpareBank 1's position in Sunnmøre is significantly strengthened," Mr Haugan adds.

Solid owner Glitnir Bank applied for and obtained a financial guarantee from the Norwegian Banks' Guarantee Fund on 8 October this year. The main purpose of the liquidity support was to facilitate a structural solution for Glitnir Bank.

"Once it was clear that the bank had to be sold off, our concern was to safeguard our many customers and capable staff in a good, constructive manner. This we have done. Glitnir Bank now has a solid owner with the strength needed to further develop its business and customer relationships," says Morten Bjørsen, President and CEO at Glitnir Bank.

Glitnir Bank's subsidiaries, Glitnir Privatøkonomi and Glitnor Eiendomsfinans, have been sold to the companies' management.

The transaction is subject to authorisation by the authorities. An application for authorisation will be filed shortly. The conditions that need to be met in order for the agreement to be implemented are expected to made clear before 30 November 2008.

First Securities and SpareBank 1 SMN Markets have been advisers to the SpareBank 1 banks.

Further details on Glitnir Bank ASA are available at www.glitnir.no and www.smn.no

Trondheim, 21 October 2008.

Contact persons: Bjørn Richard Johansen, Executive Vice President, Corporate Communications, at Glitnir Bank on + 47 478 00 100 Hans Tronstad, Executive Vice President, Corporate Communications, at SpareBank 1 SMN on + 47 941 78 322

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

SpareBank 1 SMN

www.smn.no

ISIN: NO0006390301

Stock Identifier: XOSL.MING

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SpareBank 1 SMN

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