SpareBank 1 Nord-Norge (SPXXF) has released an update.
Norway’s Financial Supervisory Authority has approved the merger between Fremtind Forsikring AS and Eika Forsikring AS, with the transaction set for July 1, 2024, leading to the companies becoming sister companies in Fremtind Holding. SpareBank 1 Nord-Norge, which owns 19.5% of SpareBank 1 Gruppen AS, will see an increase in equity of approximately 510 million Norwegian kroner from the deal. This increase, however, is expected to have a neutral effect on the bank’s capital adequacy.
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