Brief: - Sparebanken Sør And Sparebanken Vest Agreed Merger Plan

Sparebanken Sor

28/08/2024 07:21

Aug 28 (Reuters) - Sparebanken Sor  SOR.OL :
    * SPAREBANKEN SØR AND SPAREBANKEN VEST AGREED MERGER PLAN
    * NEW FINANCIAL GROUP WILL BECOME LARGEST SAVINGS BANK IN
NORWAY
WITH COMBINED TOTAL ASSETS OF NOK 517 BILLION
    * CEO OF SPAREBANKEN VEST, JAN ERIK KJERPESETH, WILL BECOME
CEO OF
NEW GROUP
    * CURRENT CHAIRPERSON OF BOARD OF SPAREBANKEN SØR, KNUT
RUHAVEN
SÆTHRE, WILL BE CHAIRPERSON
    * BANK WILL HAVE AMBITION OF LEADING PROFITABILITY WITH
RETURN ON
EQUITY TARGET OF ABOVE 13%
    * SPAREBANKEN VEST WILL ISSUE TOTAL OF 59,895,314 ECCS AS
CONSIDERATION FOR ECC CAPITAL IN SPAREBANKEN SØR
    * ONE ECC IN SPAREBANKEN SØR IS EXCHANGED FOR 1.437 ECCS IN
SPAREBANKEN VEST
    * AIM IS TO COMPLETE MERGER WITHIN Q2 OF 2025

Source text for Eikon:  ID:nObibRMJQa 
Further company coverage:  SOR.OL 

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