Under the agreement SpareBank 1 SMN will take over 36 employees at BNbank's branch in Ålesund along with all customer relationships, representing loans totalling NOK 5.3 billion and deposits worth NOK 1.4 billion.

 

The present balance sheet in Ålesund will be gradually transferred to SpareBank 1 SMN. BNbank will finance the portfolio and will also underwrite the credit risk. The risk guarantee and the financing will be gradually reduced over a three to five-year period.

 

"All in all this is considered a good solution for SpareBank 1 SMN and BNbank. SMN will have access to good team of specialists and a large number of very interesting customer relationships. This gives us a solid platform to build on for our operation in Sunnmøre, which is a strategic focal area for SMN," says CEO Finn Haugan at SpareBank 1 SMN.

 

"The outlook is positive for BNbank too - for our customers, for the staff in Ålesund and for the bank in terms of securing its portfolio assets," says CEO Lisbet K. Nærø at BNbank.

 

The new owners of BNbank agreed in February 2009 that SpareBank 1 SMN should take over the operation in Ålesund, formerly Glitnir Bank in Ålesund. Glitnir Bank's forerunner was Kreditbanken in Ålesund.

 

Contact persons:

SpareBank 1 SMN, CEO, Finn Haugan, +47 900 41 002

BNbank, CEO Lisbet K. Nærø, +47 952 65 960