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