Sparebanken Sør

M&A Activity • Mar 20, 2025

The Norwegian Financial Supervisory Authority has approved the merger between Sparebanken Sør and Sparebanken Vest to establish Sparebanken Norge

The Norwegian Financial Supervisory Authority has approved the merger between Sparebanken Sør and Sparebanken Vest to establish Sparebanken Norge

Reference is made to the stock exchange notices dated 2 October 2024 stating that the General Meetings in Sparebanken Sør and Sparebanken Vest have approved the merger of the two banks, as well as the notice dated 29 November 2024 stating that the Norwegian Competition Authority has cleared the transaction.

On 20 March 2025, the Financial Supervisory Authority of Norway (Finanstilsynet) has, on certain conditions, granted the necessary permits to carry out the merger between Sparebanken Sør and Sparebanken Vest in accordance with the decisions made by the banks' General Meetings on 2 October 2024.

Sparebanken Norge shall have a capital requirement (pillar 2 requirement) that constitutes 1.6 percent of the consolidated risk weighted assets pursuant to Section 14-2 of the Financial Institutions Act. The requirement is included in the minimum capital requirement and shall be met with a minimum of 56.25 percent common equity tier 1 capital and at least 75 percent core capital (Tier 1). The requirement shall apply at a consolidated level, including proportionate consolidation of undertakings in a cooperating group. Sparebanken Norge will have a capital requirement margin (pillar 2 guidance) that constitutes at least 1.1 percent of the risk-weighted assets. The capital requirement margin shall be met with common equity tier 1 capital.

Upon completion of the merger, Brage Finans AS will become a subsidiary of Sparebanken Norge. Frende Holding AS will remain an associated company.

The planned completion date for the merger is 2 May 2025.

The merger of the banks' covered bond companies, Sparebanken Vest Boligkreditt AS and Sparebanken Sør Boligkreditt AS, is still being processed by the Norwegian Financial Supervisory Authority. A clarification is expected in the near future.

Contact persons:

Sparebanken Vest

CEO: Jan Erik Kjerpeseth, tel.: +47 951 98 430

CFO: Frank Johannesen, tel.: +47 952 65 971 

Sparebanken Sør

CEO: Geir Bergskaug, tel.: +47 901 27 206

CFO: Steinar Vigsnes, tel.: +47 906 13 135