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Sbanken ASA: Merger with DNB Bank ASA

·1-min read
Sbanken ASA
Sbanken ASA

The Boards of Directors of DNB Bank ASA (‘DNB’) and Sbanken ASA (‘Sbanken’) have today signed a merger plan for the merger of Sbanken into DNB. Sbanken is a wholly-owned subsidiary of DNB, and the merger will be completed in accordance with the provisions as set out in Section 13-24 of the Norwegian Public Limited Liability Companies Act, cf. Section 12-1 of the Norwegian Financial Institutions Act.

The merger will be carried out by Sbanken transferring all its business, including all assets, rights and obligations, to DNB as the acquiring company in the merger. No merger consideration will be paid.

The purpose of the merger is to fulfil the conditions set out in the Ministry of Finance’s acquisition permit of 1 July 2021, whereby DNB has been granted a temporary permission to operate Sbanken as a subsidiary.  The implementation of the merger is conditional upon inter alia Finanstilsynet or the Ministry of Finance granting the necessary permissions to implement the merger in accordance with section 12-1 of the Financial Institutions Act.

For further information, please contact:

Rune Helland, Head of Investor Relations, tel.: (+47) 23 26 84 00 / (+47) 97 71 32 50

The information in this statement is subject to the disclosure requirements under Section 5-12 of the Securities Trading Act.