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SpareBank 1 Nord-Norge (OSL:NONG) SpareBank 1 Receives License To Acquire Glitnir Bank

SpareBank 1 Nord-Norge (OSL:NONG) The Ministry of Finance has authorised the SpareBank 1 banks to acquire all shares of Glitnir Bank ASA.

The SpareBank 1 banks have acquired Glitnir Bank ASA for NOK 300 million. The acquisition is financed by SP1 own funds.

The new owners of Glitnir Bank are SpareBank 1 SMN (25 per cent), 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).

"This is a day of joy in SpareBank 1 and Glitnir Bank. The licence has been given, and all conditions in the sale- and purchase agreement have been met. These include the freezing orders on the shares of Glitnir Bank, so the transaction can be completed as planned ," says CEO Eldar Mathisen at SpareBank 1 Gruppen, who will be the Chairman of the Board in Glitnir Bank ASA.

New board In addition to Mr. Mathisen the Board of Glitnir Bank ASA will consist of Kjell Fordal, Executive Director of Finance of SpareBank 1 SMN (Deputy Chair); Lisbeth K. Nærø, Executive Director of Finance in SpareBank 1 SR-Bank; Liv Bortne Ulriksen, Group Executive Director in SpareBank 1 Nord-Norge and Marianne Sommerro Evensen, Controller in SpareBank 1 Vestfold. MBA Roar Nyhus and Employee Representative Bård Idar Kvam from the former Board of Glitnir Bank ASA will also continue as board members.

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

SpareBank 1 Nord-Norge

http://www.snn.no/

ISIN: NO0006000801

Stock Identifier: XOSL.NONG

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SpareBank 1 Nord-Norge

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