SpareBank 1 SMN's partly owned company SpareBank 1 Gruppen has, as previously communicated, entered into an option agreement with DNB that could reduce the company's ownership interest in Fremtind Forsikring from 65 per cent to 60 per cent ownership no later than the end of Q1 2020. By option deadline – Tuesday 31.03 at 24:00 – SpareBank 1 Gruppen has not received the necessary notification from DNB regarding the requirement to exercise, and the option has therefore lapsed in its entirety.
DNB has stated that they are satisfied with the cooperation and development of Fremtind Forsikring, and is interested in increasing its stake in the company in the long term. However, due to the circumstances in today's market, DNB has stated that exercising such an option is not desirable today.
SpareBank 1 Gruppen and DNB thus retain the current ownership shares of 65 per cent and 35 per cent respectively. DNB has further stated that they wish to resume the dialogue with SpareBank 1 Gruppen to increase their ownership interest in Fremtind Forsikring.
Trondheim, 1 April 2020
Contact person at SpareBank 1 SMN:
Executive director, Finance, Kjell Fordal on +47 905 41 672
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act