Skandiabanken ASA: Increasing interest rates; still among the best home loan rates on the market.

Bergen 29. June 2017: Skandiabanken increases rates on home loans by 0.15 per cent. The same applies to deposits above NOK 100 000.

After the change the banks lowest home loan rate will be 2.30 per cent. According to Finansportalen, Skandiabanken still offers one of the lowest home loan rates in Norway.

- Skandiabanken was the only bank with national coverage that did not increase its` rates last autumn. We have now held our rates unchanged for 10 months longer than our competitors`, says Magnar Øyhovden, CEO for Skandiabanken.

The interest rate adjustments are an adaptation to the market conditions and our deposit customers` will receive a long awaited increase. Despite the current low market rate environment, Skandiabanken has experienced increased cost of funding related to its` lending business.

- We are, even after the adjustment, competitive and live up to our promise that we will be reasonable priced over time, says Øyhovden.

For new home loan customers the new rates will apply from today. For existing home loan and deposit customers, the changes apply from 14. August.

Contact:
CEO Skandiabanken ASA, Magnar Øyhovden, phone + 47 959 40 038.
Communications Manager Leif-Kjartan Bjørsvik, phone + 47 900 41 162.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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Source: Skandiabanken ASA via GlobeNewswire
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