SpareBank 1 SMN and Bank 1 Oslo have been acquitted, and Reinertsen AS has been ordered to pay the banks' costs of NOK 2.5m, in a case heard by Sør Trøndelag district court.
The court proceedings took place at the start of June this year. The background was a writ of summons brought by a construction company, Reinertsen, demanding that the banks pay NOK 44.6m in compensatory damages. Reinertsen claimed that the banks had breached their obligation to provide information to the company in connection with a construction loan granted to Residencekvartalet AS - a subsidiary of Roll Severin AS which went bankrupt in November 2010.
The banks rejected Reinertsen's demand, and Sør-Trøndelag district court found in the banks' favour.
Any appeal must be submitted by 15 September.
Contact persons at SpareBank 1 SMN:
Executive Vice President, Finance, Kjell Fordal on +47 905 41 672
Executive Vice President, Corporate Communications, Hans Tronstad on +47 941 78 322
About SpareBank 1 SMN
SpareBank 1 SMN is the region's leading financial services group. It leads the retail and corporate market, and is positioned in 43 localities across the region's municipalities with a total of 54 offices.
We aim to be the recommended bank for customers in Trøndelag and in Møre and Romsdal. Being a local, independent savings bank we feel a special responsibility for stimulating growth and prosperity in the region. We base our business on closeness to our customers, good accessibility, a full product range and comprehensive financial advisory services.
Our head office is in Trondheim. The Group employs about 1,100 staff and includes the following subsidiaries: SpareBank 1 SMN Finans, EiendomsMegler 1 Midt-Norge, Allegro Finans and SpareBank 1 SMN Regnskap. It is the largest shareholder in BN Bank with a 33% stake.
SpareBank 1 SMN is one of six owners of SpareBank 1 Gruppen. For further information, visit our website at www.smn.no.
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)