The boards of directors of SpareBank 1 SMN and SpareBank 1 Søre Sunnmøre have on Monday 20 June 2022 voted unanimously to enter an agreement of intent to merge the two banks. The merger will set the stage for an even greater focus on Sunnmøre and Fjordane, through growth and increased local presence.
The agreement of intent regulates a number of conditions on which the banks reached agreement at the start of the negotiations. These receive closer attention further down in this stock exchange notice. A final decision on a merger is planned to be announced in November 2022.
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“SpareBank 1 SMN has built a solid position with a basis in our specialist entity in Ålesund. By joining forces with SpareBank 1 Søre Sunnmøre, which over a long period has established a strong position in Søre Sunnmøre, we can realise our ambition of becoming the leading bank in this attractive growth region”, says board chair at SpareBank 1 SMN, Kjell Bjordal.
Together the two banks cover large sections of Sunnmøre, and they aspire to a solid position in Fjordane.
“Merging the two banks strengthens the basis for profitable growth, vigorous specialised entities and an enhanced presence in the region. We believe the banks are in a far stronger position together than separately,” says board chair at SpareBank 1 Søre Sunnmøre, Kjell Storeide.
After the merger the bank envisages stronger growth in Sunnmøre and in Fjordane, partly by boosting even more corporate clients in the region. There will be no dismissals, and no branches or offices will be closed as a result of the merger.
If a final agreement on a merger is entered into, the plan is to establish the Sunnmøre and Fjordane region as a division in its own right, with its head office and management in Volda. The division will be headed by an executive director who will be part of the merged bank’s group management team. Stig Brautaset, who is currently CEO of SpareBank 1 Søre Sunnmøre, will take on this role. In the further negotiations the banks will jointly designate a management team for the new division, with representatives from both organisations. The chief employee representatives of both banks have been closely involved in the process, and the employee representatives on the respective boards of directors have voted in favour of the agreement of intent.
In connection with the merger a savings bank foundation will be set up with its head office in Volda which will manage substantial assets by virtue of its majority holding in the merged bank. The foundation will be managed entirely at local level will be in a position to contribute substantial sums to non-profit causes in Søre Sunnmøre.
See complete stock exchange notice attached.
Contact persons:
SpareBank 1 SMN
For investors and analysts: CFO Trond Søraas on +47 922 36 803
For the media: Executive Vice President Rolf Jarle Brøske on +47 911 12 475
SpareBank 1 Søre Sunnmøre
Kjell Arvid Storeide, board chair, on +47 915 70 925
Stig Brautaset, CEO, on +47 908 26 448
The above information is disclosable pursuant to Section 5-12 of the Norwegian Securities Trading Act.
The above information is considered to be inside information pursuant to the Market Abuse Regulation (MAR). This notice is published on behalf of SpareBank 1 SMN by Rolf Jarle Brøske, executive director, Communications and Brand at SpareBank 1 SMN, 07.30hrs, 20 June 2022.
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