|Compromise reached with Lloyds by Sparebanken Midt-Norge with regard to insurance claims stemming from the Finance Credit affair|
|In connection with the Finance Credit affair, Sparebanken Midt-Norge brought action against an insurance syndicate within Lloyds with a view to achieving settlement under the bank's crime insurance policy. Today Sparebanken Midt-Norge reached a compromise with Lloyds covering all claims advanced by the bank under this policy. The compromise also involves Sparebanken Rogaland, Bank 1 Oslo AS and Sparebanken Vest. Under the terms of the compromise approx. NOK 38.5 million will be paid to Sparebanken Midt-Norge in December 2005, with equivalent result effect.|
In conjunction with the compromise, Bank 1 Oslo, Sparebanken Midt-Norge, Sparebanken Rogaland and Sparebanken Vest have also agreed to waive any further claims between them resulting from these banks' joint lending to the Finance Credit system.
See also the stock exchange notice and press release of 26 September 2005 summarising the compromise reached with KPMG in relation to the Finance Credit affair.
Trondheim, 28 November 2005
Finn Haugan, CEO, mob.tlf. + 47 900 41 002
Rune Haglund, Legal Director, mob.tlf. + 47 913 43 491
SpareBank 1 Midt-Norge is Central Norway's leading financial group. We are market leaders in personal and business banking and have 58 offices in 49 municipalities, in addition to distributing our services through 17 in-shop banks. Our head office is in Trondheim. The group has approximately 700 employees and comprises, in addition to banking operations, the subsidiaries SpareBank 1 Finans Midt-Norge AS, EiendomsMegler 1 Midt-Norge AS, Allegro Finans ASA and Midt-Norge Regnskap AS.
Our mission is to be the recommended bank for customers in Central Norway and, as a local, independent savings bank, we feel a special responsibility for stimulating growth and quality of life in the region. We base our business on proximity to customers, good accessibility, a complete range of banking, financial and insurance products, and holistic financial advisory services.
SpareBank 1 Midt-Norge is one of six owners of SpareBank 1 Gruppen AS.
For more information, visit our website at