The talks have resulted in an agreed platform for the ensuing process which is intended to lead to the integration of the two banks. The main points in the agreement are:
- The board of directors of RFB will today circulate a letter to the bank's shareholders in which RFB recommends acceptance of SMN's offer.
- An ordinary meeting of RFB's supervisory board will be held on 1 March. RFB's board of directors has informed SMN of their readiness to vacate their posts should SMN call for the appointment of a new board of directors.
- An ordinary general meeting will be held by RFB no later than 30 March 2005 at which the board of RFB, in line with the conditionalities formulated by SMN in its offer document, will propose changes in the restrictions on voting rights set forth in article 8-6 of RFB's articles of association.
- Both parties will work for a speedy and flexible implementation of the concession application process, the required due diligence and the ensuing integration process in the best interests of their employees, shareholders and customers.
- Agreement is being sought between the banks on the early establishment of distribution agreements for the SpareBank 1 Alliance's product platform.
Based on the above, SpareBank 1 Midt-Norge has withdrawn its request for an extraordinary general meeting. The announced extraordinary general meeting, intended for 17 January 2005, will be cancelled today.
Both banks wish to ensure that the further process is carried through in a manner which creates security for their employees, customers and other business relations.
Contact person:
Managing director Finn Haugan phone +47 900 41 002
SpareBank 1 Midt-Norge is Central Norway's leading financial group. We are market leaders in personal and business banking and have 48 offices in 42 municipalities, in addition to distributing our services through 17 in-shop banks. Our head office is in Trondheim. The group has approximately 700 employees and comprises, in addition to banking operations, the subsidiaries SpareBank 1 Finans Midt-Norge AS, EiendomsMegler 1 Midt-Norge AS, Allegro Finans ASA and Midt-Norge Regnskap AS.
Our mission is to be the recommended bank for customers in Central Norway and, as a local, independent savings bank, we feel a special responsibility for stimulating growth and quality of life in the region. We base our business on proximity to customers, good accessibility, a complete range of banking, financial and insurance products, and holistic financial advisory services.
SpareBank 1 Midt-Norge is one of seven owners of SpareBank 1 Gruppen AS.
For more information, visit our website at
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