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    SRBNK   NO0010631567

SPAREBANK 1 SR-BANK ASA

(SRBNK)
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SpareBank 1 SR Bank : to become the largest owner of SpareBank 1 Forvaltning AS

09/16/2021 | 02:01am EDT

SpareBank 1 SR-Bank ASA (SRBNK) has signed an agreement to acquire SpareBank 1 Forvaltning AS by merging its subsidiary, SR-Forvaltning AS, into the company. Plans are being made to launch SpareBank 1-fond and the management environment in Stavanger is being strengthened. 

SpareBank 1 Forvaltning AS, the savings and investment products and services company of the SpareBank 1 banks and the Norwegian Confederation of Trade Unions (LO), is acquiring all of the shares in SR-Forvaltning AS. SpareBank 1 SR-Bank ASA will receive shares in SpareBank 1 Forvaltning AS as remuneration for selling its shares in SR-Forvaltning AS. Following the acquisition, SpareBank 1 SR-Bank ASA will become the largest owner of SpareBank 1 Forvaltning AS with a stake of almost 38%. SpareBank 1 Forvaltning AS currently consists of the subsidiaries ODIN Forvaltning AS, SpareBank 1 Kapitalforvaltning AS and SpareBank 1 Verdipapirservice AS.

"We are bringing our full weight to bear on the SpareBank 1 Forvaltning AS initiative and stepping on the accelerator in the area of savings. I'm looking forward to seeing SR-Forvaltning AS move forward and strengthen its distribution through all of our alliance partners in SpareBank 1," says the CEO of SpareBank 1 SR-Bank, Benedicte Schilbred Fasmer.

Fasmer er is impressed with what SR-Forvaltning AS has achieved in its 22 years. The company has produced good results for its customers, both in discretionary management and as the manager of the SR-Bank Funds.

The transaction requires the consent of the Financial Supervisory Authority of Norway and is expected to be completed in the fourth quarter of 2021. SpareBank 1 SR-Bank's sale of all the shares in SR-Forvaltning AS will result in an accounting gain of just over NOK 100 million.

Stavanger, 16 September 2021

Contact people:
Inge Reinertsen, CFO, Tel. +47 909 95 033
Stian Helgøy, Vice President Investor Relations, Tel. +47 906 52 173

https://news.cision.com/sparebank-1-sr-bank/r/sparebank-1-sr-bank-asa-to-become-the-largest-owner-of-sparebank-1-forvaltning-as,c3416064

(c) 2021 Cision. All rights reserved., source Press Releases - English

Stocks mentioned in the article
ChangeLast1st jan.
SPAREBANK 1 SR-BANK ASA -2.82% 131 Real-time Quote.48.13%
SPAREBANK 1 SØRØST-NORGE 0.71% 57 Real-time Quote.0.00%
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More news
Financials
Sales 2021 6 577 M 789 M 789 M
Net income 2021 2 922 M 350 M 350 M
Net Debt 2021 - - -
P/E ratio 2021 11,5x
Yield 2021 4,50%
Capitalization 33 490 M 4 022 M 4 018 M
Capi. / Sales 2021 5,09x
Capi. / Sales 2022 4,84x
Nbr of Employees 1 488
Free-Float 66,9%
Chart SPAREBANK 1 SR-BANK ASA
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SpareBank 1 SR-Bank ASA Technical Analysis Chart | SRBNK | NO0010631567 | MarketScreener
Technical analysis trends SPAREBANK 1 SR-BANK ASA
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus BUY
Number of Analysts 5
Last Close Price 131,00 NOK
Average target price 136,00 NOK
Spread / Average Target 3,82%
EPS Revisions
Managers and Directors
Benedicte Elisabeth Fasmer Chief Executive Officer
Inge Reinertsen Chief Financial Officer & Executive Vice President
Dag Mejdell Chairman
Signe Helliesen Executive Vice President-Compliance & AML
Tor Dahle Independent Director
Sector and Competitors