SpareBank 1 Midt-Norge has completed a financial and legal due diligence of Romsdals Fellesbank ASA. The due diligence process identified negative findings of the order of NOK 35 - 40 million before tax in the corporate loans portfolio. These findings were also noted and verified by the external due diligence adviser engaged by First Securities ASA, in connections with the scheduled PCC issue in SpareBank 1 Midt-Norge.
As a result of the due diligence findings, SpareBank 1 Midt-Norge will make a corresponding loss provision in Romsdals Fellesbank ASA's accounts for the first quarter of 2005. Despite the negative findings, SpareBank 1 Midt-Norge expects to lift its due diligence reservations, cf. chapter 1.6 (ii) of the offer document dated 23 November 2004.
The other reservations in the offer are expected to be lifted by 21 March at the latest.
SpareBank 1 Midt-Norge expects to pay for the shares of Romsdals Fellesbank ASA on 1 April 2005.
Any questions may be addressed to the
Managing Director, Finn Haugan, tel.: + 47 90 04 10 02
or the chief financial officer, Kjell Fordal, tel.: + 47 90 54 16 72
or general manager Marvin Wiseth, tel.: + 47 91 86 79 31
About us
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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