SpareBank 1 SMN

Regulatory Filings • Oct 13, 2020

SpareBank 1 SMN: Optimise distribution and enhance operational efficiency

SpareBank 1 SMN: Optimise distribution and enhance operational efficiency

SpareBank 1 SMN is to concentrate staff in larger locations that bring together

all the group's business lines, while six smaller branches are to be closed.

Staffing is to be reduced by a total of 100 FTEs including support functions at

central level.

The enhancement programme One SMN is designed to realise synergies between the

group's business lines in addition to increased digitalisation, more efficient

work processes and ambitious cost reductions. There is a substantial income

potential to be achieved through stronger integration across the group enabling

an even better customer offering in terms of accounting, estate agency and

banking services. The aim is to achieve a NOK 400 million increase in profit.

SpareBank 1 SMN will optimise operations by means of staff reductions of about

100 FTEs by the end of next year. Downstaffing will take place mainly at the

bank as well as in support functions across the entire group.

SpareBank 1 SMN's ambition is to deliver even better services to its customers

through stronger collective action both in support functions at central level

and in reaching out to the customer. SpareBank 1 SMN is to concentrate staff in

larger locations in which all business lines in the group will be co-located in

regional centres, while six smaller branches are to be closed down. These

measures will be carried through in 2020 and 2021.

Trondheim, 13 October 2020

Contact persons at SpareBank 1 SMN:

Executive Director, Finance, Kjell Fordal on +47 905 41 672

Head of Corporate Communications, Hans Tronstad on +47 941 78 322

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act