Reference is made to previous announcements regarding MREL and the decision from the Board of Directors to apply to the Norwegian Financial Supervisory Authority (FSA) to merge Norwegian Finans Holding ASA and Bank Norwegian AS. The Norwegian FSA has on 5 January 2021 approved an application on the new company structure, leaving Bank Norwegian AS the ultimate parent company of the group after a merger. We are pleased to have received this approval, as a merger is expected to give positive synergies on administrative costs as well as reduce funding cost on future MREL eligible capital being issued from an operating company instead of a holding company.
Based on the approval, Norwegian Finans Holding ASA and Bank Norwegian AS will move forward with the formal merger process, including preparing the necessary documentation, applications and decisions by the companies’ governing bodies.
The ambition is to complete the merger process during first half of 2021, with accounting and fiscal effect from 1 January 2021, conditional on obtaining necessary approvals from relevant authorities.
Contact persons:
CFO Klara Lise Aasen; phone +47 47635583; kaa@banknorwegian.no
Head of Treasury Mats Benserud; phone +47 95891539; mbe@banknorwegian.no
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act