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OFFON

SPAREBANK 1 SØRØST-NORGE

(SBVG)
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SpareBank 1 BV : Finanstilsynet has granted necessary permits to carry out the merger between SpareBank 1 BV and Sparebanken Telemark.

05/21/2021 | 03:03am EDT
Reference is made to previous stock exchange notifications on the merger
process, the latest dated 9 April 2021. The Financial Supervisory Authority of
Norway (NoFSA) has now granted the necessary permits to carry out the merger
between SpareBank 1 BV and Sparebanken Telemark in accordance with a decision
made by the banks' Supervisory Board on 25 March 2021.

Finanstilsynet has set Pillar 2 requirements for the merged bank on core tier 1
capital adequacy of at least 2.3 percentage points in addition to the minimum
and buffer requirements. This means that SpareBank 1 Sørøst-Norge's requirement
for core tier 1 capital adequacy, including current buffer requirements, will be
13.3 per cent, the requirement for tier 1 capital adequacy is 14.8 per cent and
the requirement for total capital adequacy is 16.8 per cent. The requirement
shall apply at a consolidated level, i.e. including proportionate consolidation
of enterprises in cooperating group.

The current Pillar 2 requirements are for SpareBank 1 BV 1.9 percentage points
(consolidated) and for Sparebanken Telemark 2.2 percentage points (parent bank).

The board of the merged bank will as soon as possible start work on a new
capital requirement assessment (ICAAP) which will be sent to the NoFSA within
twelve months after the merger has been completed as required by NOFSA.

The merger is contemplated to be finalised on 1 June 2021.


Contact persons

SpareBank 1 BV:
Rune Fjeldstad, CEO, tel. + 47 900 79 017
Finn Haugan, Chairman of the Board, tel. + 47 900 41 002

Sparebanken Telemark:
Per Halvorsen, CEO, bank manager, tel. +47 934 07 441
Anne Berg Behring, Chairman of the Board, tel. +47 930 30 889

This information is subject of the disclosure requirements acc. To section 5-12
of the Securities Trading Act.

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange

Stocks mentioned in the article
ChangeLast1st jan.
SPAREBANK 1 SØRØST-NORGE -0.39% 51.6 Real-time Quote.0.00%
SPAREBANK 1 TELEMARK 0.62% 162 End-of-day quote.16.55%
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Financials
Sales 2021 2 164 M 249 M 249 M
Net income 2021 795 M 91,4 M 91,4 M
Net Debt 2021 - - -
P/E ratio 2021 12,8x
Yield 2021 3,39%
Capitalization 6 124 M 705 M 704 M
Capi. / Sales 2021 2,83x
Capi. / Sales 2022 2,85x
Nbr of Employees 530
Free-Float 38,0%
Chart SPAREBANK 1 SØRØST-NORGE
Duration : Period :
SpareBank 1 Sørøst-Norge Technical Analysis Chart | SBVG | NO0006000207 | MarketScreener
Technical analysis trends SPAREBANK 1 SØRØST-NORGE
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 2
Last Close Price 51,60 NOK
Average target price 55,00 NOK
Spread / Average Target 6,59%
EPS Revisions
Managers and Directors
Per Halvorsen Chief Executive Officer
Lars Ole Bjørnsrud Chairman-Supervisory Board
Finn Haugan Chairman
Marianne Sommerro Evensen EVP-Risk Management & Compliance
Kristin Søia Barkost Independent Director
Sector and Competitors