Reference is made to previous stock exchange release published 19th January 2024 regarding entry to a transaction agreement between Fremtind Forsikring AS and Eika Forsikring AS and their respective owners Sparebank 1 Gruppen AS, DNB Bank ASA and Eika Gruppen AS, and the merger of these two entities.
The Financial Supervisory Authority of Norway (Finanstilsynet) approved 27th June, on agreeable terms, the business combination between Fremtind Forsikring AS and Eika Forsikring AS, as announced in the stock exchange/press release from Fremtind Forsikring AS and Eika Forsikring AS today. The transaction will take place 1st July 2024, and the two insurance companies will be sister companies under Fremtind Holding AS until the planned resolution for the approval of the merger 1st October 2024. Certain legal technicalities are still pending.
The distribution of share ownership in Fremtind Holding AS will be as follows: Sparebank 1 Gruppen AS 51.44 percent, DNB Bank ASA 28.46 percent and Eika Gruppen AS 20.10 percent. Fremtind Holding AS will be a subsidiary of SpareBank 1 Gruppen AS.
SpareBank 1 SMN owns 19.5% of shares in Sparebank 1 Gruppen AS, and will, after the completion of the transaction, own 51.44% of the shares in Fremtind Holding.
Based on 31st December 2023 consolidated accounts, the transaction will result in increased equity for SpareBank 1 Gruppen of approx. NOK 7 billion. The majority shareholders (SpareBank 1 banks and LO) share of this increase is NOK 2.6 billion. SpareBank 1 SMN share of this increase amounts to approx. NOK 510 million and will be recognized in the consolidated accounts when the transaction is completed. The effect on the bank's capital adequacy will be close to neutral, as the equity increase will be deducted in the capital adequacy calculation.
For further information, please contact:
Finansdirektør Trond Søraas, tlf. +47 922 36 803 / E-mail: trond.soraas@smn.no
The disclosure of this information is obligatory in accordance with the Securities Trading Act § 5-12