The Board of Directors of SpareBank 1 SR-Bank recommends that the Supervisory Board resolves a conversion to a limited liability company (ASA)
(Thomson Reuters ONE) -
Reference is made to the Stock Exchange report of 28 June 2010 where the
Supervisory Board requested that the Board of Directors evaluate the pros and
cons of a possible conversion of SpareBank 1 SR-Bank into a limited liability
savings bank.
SpareBank 1 SR-Bank has a strong position in its market. Profitability has been
good for many years and the group is extremely well positioned for further
profitable growth. However, access to capital may be a scarcity factor.
"The region has seen substantial growth over the last 15 to 20 years. The bank's
performance reflects this, total assets increasing from NOK 18 billion in 1991
to almost NOK 140 billion in 2010," says Terje Vareberg, SpareBank 1 SR-Bank's
Chief Executive Officer.
The Board of Directors has made a concrete overall assessment of all relevant
issues affecting the bank. The Board has stressed maintaining the bank's
regional roots, and that the savings bank activities shall continue to be
developed in a close interaction with the region's social and business
development
"We have succeeded in combining growth, an expansion of the product range and
the geographic catchment area with significant and ongoing restructuring. This
development has been entirely dependent on a growing market, combined with ready
access to capital," Terje Vareberg concludes.
Based on the current capital situation and a total weighing up of interests, the
Board of Directors has concluded that a reorganisation of the activities into a
limited liability company is best suited for continuing and developing the
bank's business as a whole. The Board has stressed in particular the need to
deal with sudden changes and major fluctuations in the capital market in best
possible manner.
The Board of Directors has therefore decided to recommend that the Supervisory
Board resolves a conversion to a limited liability company (ASA). Any such
conversion shall absorb and continue the regional roots, the savings bank
traditions and the bank's history.
A conversion to a limited liability savings bank takes place by establishing a
public limited company that acquires the banking licence, and takes SpareBank 1
SR-Bank's assets and liabilities. Owners of equity capital certificates will
have these converted into a similar number of shares. Simultaneously, a savings
bank foundation is established that becomes the owner of the shares in the new
limited liability savings bank that are not assigned to existing owners.
On establishment, the savings bank foundation will own approximately one-third
of the bank's shares. It will be the bank's largest owner by far. Pursuant to
law, the objects of the foundation will be to act as a long-term owner of the
limited liability savings bank and to engage in charitable activities.
The Supervisory Board will deal with the matter at its ordinary meeting on 25
November 2010. Any subsequent conversion calls for the approval of the
authorities.
For further details, please contact:
Terje Vareberg, Chief Executive Officer, telephone +47 911 00 448
Inger Reinertsen, Chief Financial Officer, telephone +47 909 95 033
Thor-Christian Haugland, Executive Vice President Communications, telephone +
47 480 31 633
Vidar Torsøe, Director IR, telephone + 47 970 80656
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1456624]
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
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originality of the information contained therein.
Source: SpareBank 1 SR-Bank via Thomson Reuters ONE
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"The Board of Directors of SpareBank 1 SR-Bank recommends that the Supervisory Board resolves a conversion to a limited liability company (ASA)"
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