SpareBank 1 SMN: Notification of positive financial one-off effect on Q2 results in 2018

In connection with the merger of Vipps AS, BankAxept AS and BankID Norge AS, a new valuation of the latter two companies has been set. As a result of the transaction, the banks owning these companies will revaluate the book value.

The company resulting from the merger of Vipps AS, BankAxept AS and BankID Norge AS will have a total value of NOK 3.9 billion on the date of completion for the merger.

Following the merger, the SpareBank 1 banks will have a total stake of 22.04 %, worth approximately NOK 860 million. The stakes held by individual SpareBank 1 banks will vary.

In the case of SpareBank 1 SMN, the share of the merged company will be worth approximately NOK 170 million.

This entails a revaluation of the book values of approximately NOK 90, which will have a net effect on the profit before tax of the equivalent amount in the accounts for Q2 of 2018.

Trondheim, 27 June 2018

Contacts:
Executive Vice President, Finance, Kjell Fordal, tel.[phone]

Group Accounting Manager Cathrine Aunvik, tel [phone]

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

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Source: SpareBank 1 SMN via Globenewswire