Sparebank 1 SR Bank ASA (GB:0Q57) has released an update.
SpareBank 1 SR-Bank ASA and SpareBank 1 Sørøst-Norge have received approval from the Norwegian Financial Supervisory Authority for their merger, subject to conditions including maintaining a minimum collective ownership stake of 33.4% by certain foundations and adhering to local savings bank operations in specific regions. An increased capital requirement will be in place until a new pillar 2 requirement is determined post-merger. The anticipated completion date for the merger is October 1, 2024.
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