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