SpareBank 1 Sørøst-Norge

M&A Activity • Mar 25, 2021

Merger of SpareBank 1 BV and Sparebanken Telemark has been approved by the banks’ Supervisory Boards

Merger of SpareBank 1 BV and Sparebanken Telemark has been approved by the banks’ Supervisory Boards

Reference is made to the pervious stock exchange notice dated 30 November 2020 regarding the initiation of discussions regarding a merger between SpareBank 1 BV and Sparebanken Telemark, and the stock exchange notice dated 22 February 2021 regarding the conclusion of a merger agreement between the board of directors in the two banks.

The Supervisory Boards in SpareBank 1 BV and Sparebanken Telemark have, in meetings dated 25 March 2021, approved the merger of the two banks, whereby SpareBank 1 BV shall be the acquiring bank and shall thus take over the assets, rights and liabilities of Sparebanken Telemark on implementation of the merger. Upon completion of the merger the merged bank shall be renamed SpareBank 1 Sørøst-Norge. As consideration for the assets, rights and liabilities that SpareBank 1 BV acquire, SpareBank 1 BV shall issue equity capital certificates to the equity capital certificate holders in Sparebanken Telemark.

SpareBank 1 BV and Sparebanken Telemark shall also, in connection with the merger, convert NOK 800 million in primary capital into equity certificate capital and issue equity capital certificates to SpareBank 1 Stiftelsen BV and Sparebankstiftelsen Telemark – Grenland, respectively.

Reference is also made to the minutes from the meeting of the banks’ Supervisory Boards. The banks will now apply for the necessary public approvals. The merger is contemplated to be finalised on 1 June 2021.

Contact persons:

SpareBank 1 BV:

Rune Fjeldstad, CEO, tel. + 47 900 79 017

Finn Haugan, Chair, tlf. + 47 900 41 002

Sparebanken Telemark:

Per Halvorsen, CEO, tel. +47 934 07 441

Anne Berg Behring, Chair, tel. +47 930 30 889

This information is disclosed pursuant to the requirements of the Securities Trading Act § 5-12