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Sparebank 1 Nord-Norge (NONG.OL)

NONG.OL on Oslo Stock Exchange

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Latest Key Developments (Source: Significant Developments)

BRIEF-DNB and Sparebank 1 Gruppen to merge insurance units
7:45am BST 

Repeats without change to additional readers:DNB AND SPAREBANK 1 GRUPPEN ENTER INTO INSURANCE MERGER.ESTABLISHING ONE OF NORWAY'S LARGEST INSURANCE COMPANIES.NEW INSURANCE COMPANY WILL RESULT FROM MERGER OF DNB FORSIKRING AS AND SPAREBANK 1 SKADEFORSIKRING AS.DNB WILL HAVE A HOLDING OF 35 PER CENT AND SPAREBANK 1 GRUPPEN AS ONE OF 65 PER CENT IN NEW COMPANY.IN ADDITION, DNB HAS SECURED AN OPTION TO INCREASE THEIR HOLDING TO 40 PER CENT.MERGER AGREEMENT ASSUMES AN EXCHANGE RATIO OF APPROXIMATELY 80 PER CENT FOR SPAREBANK 1 GRUPPEN AND APPROXIMATELY 20 PER CENT FOR DNB.EXCHANGE RATIO IS BASED ON A NEGOTIATED MARKET VALUE OF TWO NON-LIFE INSURANCE COMPANIES, INCLUDING VALUE OF TRANSFERRED PERSONAL RISK PRODUCTS.IN TRANSACTION, NEW NON-LIFE INSURANCE COMPANY IS VALUED AT NOK 19.75 BILLION.AN EQUIVALENT VALUE IS ASSUMED WHEN DNB IS TO INCREASE ITS HOLDING FROM 20 TO 35 PER CENT.PURCHASE PRICE FOR 15 PER CENT OF SHARES WILL THUS BE NOK 2.96 BILLION.TOTAL VOLUME OF PREMIUMS ON PERSONAL RISK PRODUCTS IS APPROXIMATELY NOK 3 BILLION, GENERATING A PROFIT OF ABOUT NOK 0.5 BILLION AFTER TAX.PRO-FORMA PROFIT AFTER TAX FOR NEW COMPANY FOR 2017 WAS APPROXIMATELY NOK 1.8 BILLION, OUT OF WHICH DNB'S OPERATIONS AMOUNTED TO NOK 300 MILLION.RECORDED GAIN OF AROUND NOK 3 BILLION IN GROUP ACCOUNTS, AND A REDUCTION OF COMMON EQUITY TIER 1 CAPITAL RATIO (CET 1) FOR GROUP OF ABOUT 30 BASIS POINTS.TENTATIVE MERGER DATE IS 1 JANUARY 2019, SUBJECT TO APPROVAL OF AUTHORITIES.  Full Article

Sparebank 1 Nord-Norge Issues Tier 2 Bond Of NOK 350 Mln
Monday, 13 Aug 2018 

Aug 13 (Reuters) - Sparebank 1 Nord-Norge ::ISSUANCE OF TIER 2.ISSUED A SUBORDINATED TIER 2 BOND ISSUE OF NOK 350 MILLION.TIER 2 BOND ISSUE HAS A COUPON OF 3 MONTHS NIBOR + 1,40 % P.A..  Full Article

Sparebank 1 Nord-Norge Contemplates Issuance Of Additional Tier 1 And Tier 2 Capital
Monday, 13 Aug 2018 

Aug 13 (Reuters) - SPAREBANK 1 NORD-NORGE ::: CONTEMPLATING ISSUANCE OF ADDITIONAL TIER 1 AND TIER 2 CAPITAL.BOND ISSUES WILL HAVE A FIRST CALL OPTION FOR ISSUER AFTER MINIMUM 5 YEARS.SPAREBANK 1 NORD-NORGE - TO ISSUE SUBORDINATED TIER 2 BOND ISSUE OF NOK 300 MILLION, PERPETUAL ADDITIONAL TIER 1 BOND ISSUE OF NOK 200 MILLION.  Full Article

Sparebank 1 Nord-Norge Q2 Net Income Up At NOK 448 Million
Wednesday, 8 Aug 2018 

Aug 8 (Reuters) - SPAREBANK 1 NORD-NORGE ::Q2 LOAN LOSSES NOK 20 MILLION VERSUS NOK 44 MILLION YEAR AGO.Q2 NET INCOME NOK 448 MILLION VERSUS NOK 356 MILLION YEAR AGO.AVERAGE BORROWING COSTS ARE EXPECTED TO INCREASE BY 1 TO 3 BASIS POINTS DURING H2.Q2 NET INTEREST INCOME NOK 467 MILLION VERSUS NOK 437 MILLION YEAR AGO.AVERAGE COSTS FOR BORROWING IN THE CAPITAL MARKETS INCREASED BY AROUND 15 PERCENT IN Q2.  Full Article

Norway's competition watchdog allows Vipps, Bankid, Bankaxept merger
Friday, 27 Apr 2018 

April 27 (Reuters) - The Norwegian Competition Authority says::TO ALLOW MERGER OF PAYMENT SERVICES VIPPS, BANKID, BANKAXEPT.THE MERGED COMPANY MUST PROVIDE ACCESS FOR ANY COMPETING PAYMENT SOLUTIONS TO BANKID AND BANKAXEPT.  Full Article

Norwegian banks to combine payment units Vipps, BankAxept, BankID -Eika
Friday, 17 Nov 2017 

Nov 17 (Reuters) - Banking group Eika said in a statement on Friday::Norwegian banks agree to combine payment units Vipps, BankAxept and BankID Norge to improve product offering and prepare for competition against global tech firms.A news conference will be held at 0900 GMT (1000 CET).  Full Article

Sparebank 1 Nord-Norge Q3 NII up at NOK 450 mln
Friday, 27 Oct 2017 

Oct 27 (Reuters) - SPAREBANK 1 NORD-NORGE :Q3 NET INTEREST INCOME NOK 450 MILLION VERSUS NOK 423 MILLION YEAR AGO.Q3 LOAN LOSSES NOK 59 ‍​MILLION VERSUS NOK 61 MILLION YEAR AGO.Q3 NET INCOME NOK 347 ‍​MILLION VERSUS NOK 357 MILLION YEAR AGO.  Full Article

Sparebank 1 Nord-Norge signs market making agreement
Wednesday, 5 Oct 2016 

Sparebank 1 Nord-Norge ASA : Entered into market making trial agreement with Sparebank 1 Markets AS ending Dec. 31 .Agreement is to enhance liquidity in trading of equity certificates of company.  Full Article

Norway's DNB, Sparebank 1 agree $2.4 billion insurance merger

OSLO Norway's DNB and the Sparebank 1 consortium of banks have agreed to merge their insurance operations in a jointly owned company valued at 19.75 billion Norwegian crowns ($2.43 billion), the companies said on Monday.