Telenor-alliance enters into a billion agreement with DnB

The letter of intent assumes that the parties enter into a final agreement by July 1. The agreement assumes that Telenor and EDB Business Partner take over the operational responsibility for ICT including some 190 employees in Oslo and Bergen.Telenor's direct proportion of the agreement will amount to approximately NOK 175 million annually during the contract period.

On January 3, 2001, DnB invited several interested parties, including the Telenor-alliance, comprising Telenor, EDB Business Partner and Cap Geminin Ernst & Young, to make an offer for the take-over and management of DnB's unit for their own ICT platform - DNB IT-Drift.

Following their own original submission of an offer, Telenor-Alliance has conducted a comprehensive analysis of the bank's ICT systems, and the parties are now in agreement with regard to the principles of the contract. With respect to the negotiations to be completed by 1. July 2001, the parties intend to conclude a final agreement. Together with EDB Business Partner, Telenor will take over the ownership and management responsibilities for the bank's ICT activities, including inventory and staff, together with DnB's property at Sandsli, Bergen.