March 17, 2017 / 12:07 PM / 6 months ago

Sparebanken Hedmark says on track for IPO in 2017

OSLO, March 17 (Reuters) -

** Sparebanken Hedmark remains on track to list on the Oslo Stock Exchange later this year following its takeover of SpareBank 1 Oslo from April 1, Chief Executive Richard Heiberg told a banking conference on Friday

** He estimated the value of the company when listed to be around 8 billion Norwegian crowns ($944.77 million)

** Will be Norway’s fourth-largest savings bank with operations in Hedmark, Oppland, Oslo and Akershus and around 120 billion Norwegian crowns in lending volume

** “We have growth capacity, but we prefer profitable growth. We are in a market where we really can decide how much we want to grow; therefore we aim for a careful, profitable growth,” he told Reuters

** Has experienced record customer growth after DNB closed down branches in some regions. Currently the banks has 290,000 customers

** About a third of mortgage loans are in Oslo, but CEO not concerned about risk in housing market as the average loan-to-value is around 50 percent, but says “we do follow the housing market very closely”

** Says loan book is low-risk, not exposed to the oil industry

** Dividend policy of 50 percent, target for return on equity of at least 10 percent

$1 = 8.4677 Norwegian crowns Reporting by Camilla Knudsen, editing by Terje Solsvik

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below