SpareBank 1 Acquires Glitnir in Norway Skip to content

SpareBank 1 Acquires Glitnir in Norway

Norwegian savings banks SpareBank 1 have acquired all shares in the Norwegian subsidiary of Iceland’s Glitnir, Glitnir Bank ASA, for NOK 300 million (USD 46 million, EUR 34 million). For now, the bank will keep its current structure and have its headquarters in Trondheim.

According to a statement by Glitnir and SpareBank 1 issued this morning, the new owners of Glitnir Bank ASA are SpareBank 1 SMN with 25 percent, SpareBank 1 SR-Bank with 20 percent, SpareBank 1 Nord-Norge with 20 percent, Sparebanken Hedmark with 15 percent and 16 other cooperating savings banks holding 20 percent.

These banks also own the SpareBank 1 Group.

“The SpareBank 1 banks have the strength and the solidity required to carry out a transaction like this without any additional capital,” said Managing Director Finn Haugan in SpareBank 1 SMN on behalf of the new owners of Glitnir Bank.

Glitnir Bank has business units in Trondheim, Oslo, Aalesund and Fosnavaag. The bank has 160 employees and a total loan portfolio of NOK 47 billion (USD 7.2 billion, EUR 5.4 billion). Glitnir Bank ASA’s subsidiary Glitnir Factoring with 26 employees is also included in the transaction.

Glitnir Bank ASA is based on two former banks, BNbank in Trondheim and KredittBanken in Aalesund, which merged in March 2008.

“We know both these predecessors as well managed banks with an interesting customer portfolio. The employees of Glitnir Bank ASA have solid expertise within business areas that complement those in SpareBank 1, particularly within the shipping and offshore sectors, and also within the commercial real estate sector,” Haugan added.

“Given the current conditions we had to concentrate our efforts on securing the best possible solution for our customers and our skilled employees, and we have succeeded at that. Glitnir Bank will now have a strong owner with the strength to develop the business and the customer relationships even further,” said Morten Bjoernsen, managing director of Glitnir Bank ASA.

The transaction is subject to licenses.

Click here to read more about Glitnir Bank in Iceland.

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