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NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S REPUBLIC OF CHINA, SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THE PRESS RELEASE
5 October 2015
Skandia announced on 29 September that its Norwegian and Swedish banking operations would be separated on 5 October 2015. The transaction resulting in the separation has now been completed, and the business activities undertaken by the Norwegian branch of Skandiabanken Aktiebolag (publ) have now been transferred to a standalone Norwegian banking entity and a wholly owned mortgage company. In connection with this, it has also been decided to move the publication of the quarterly report for January-September 2015 to 5 November.
Skandia announced at the start of the year that it was the possibility of a stock market flotation for the Norwegian operations. Since then, efforts have been undertaken to establish an autonomous Norwegian bank. With effect from today, the Norwegian business, which has previously been operated as a branch of Skandiabanken Aktiebolag (publ) (Skandiabanken AB), has become a standalone bank named Skandiabanken ASA. Skandiabanken ASA operates under a licence granted by the Financial Supervisory Authority of Norway, and is a wholly owned subsidiary of the Skandia Group. Skandiabanken ASA also owns the mortgage company Skandiabanken Boligkreditt AS. On 6 October, ownership of Skandiabanken ASA and its subsidiary will be transferred from Försäkringsaktiebolaget Skandia (publ) to Livförsäkringsbolaget Skandia, ömsesidigt, the parent company in the Skandia Group.
The Swedish banking business remains in Skandiabanken AB, and will continue to be a cornerstone in Skandia's strategy for developing the Swedish private market.
In accordance with the decisions made at the bondholders meetings held on 17 September, a change of debtor for the unsecured bonds from Skandiabanken AB to Skandiabanken ASA will enter into force as of today. Furthermore, covered bonds issued in NOK by Skandiabanken AB have been replaced with covered bonds issued under Norwegian law by Skandiabanken Boligkreditt AS.
The last day of trading in the following covered bonds issued by Skandiabanken AB was 30 September:
The following covered bonds have today been issued by Skandiabanken Boligkreditt AS:
With effect from today, Skandiabanken ASA takes over as debtor with respect to unsecured bonds with the following ISIN:
For further information regarding the change of debtor for the bonds, the terms therefor and the borrower, please see the announcements published on 19 August and 2 September 2015, which are available from www.skandia.se/press.
Skandiabanken AB has decided to move the publication date of the quarterly report for January-September 2015 (which should have been released on 28 October 2015). The reason is the potential IPO of Skandiabanken ASA. The new date for publication of the report is Thursday 5 November.
With effect from today, the respective banks will communicate independently. Financial information about Skandia's Swedish and Norwegian operations can be found on the banks' websites:
Skandiabanken AB: https://www.skandiabanken.se/kontakta-skandia/om-skandia/finansiell-info/
Skandiabanken ASA: https://skandiabanken.no/om-oss/om-skandiabanken/finansiellinformasjon/
For more information:
Øyvind Thomassen, head of Skandia's banking operations and CEO of Skandiabanken AB. Tel: +46 8-463 62 12
Magnar Øyhovden, CEO of Skandiabanken ASA. Tel +46 959 40 038
Jonas Collet, Skandia's PR Manager. Tel: +46 8-788 20 39
Leif-Kjartan Bjørsvik, Chief Communication Officer, Skandiabanken ASA. Tel +47 900 41 162
Pictures at the banks Flickr-account.
About Skandiabanken ASA
In April 2000, Skandiabanken was launched as the first pure digital bank in Norway. Today, the Bank offers a comprehensive range of financial products and services to individuals and households in Norway within payments and card services, deposit-based savings, investment products, long-term loans and short-term loans. The Bank has no branches and all products and services are offered directly through the digital platform which is available on a broad range of user devices. As of 30 June 2015, Skandiabanken had 380,248 account customers with a balance, and total assets of NOK 64 billion. The bank is a wholly owned subsidiary of the Swedish Skandia Group. For more information, see www.skandiabanken.no
These materials may not be published, distributed or transmitted in the United States, Canada, Australia, the Hong Kong Special Administrative Region of the People's Republic of China, South Africa or Japan. These materials do not constitute an offer of securities for sale or a solicitation of an offer to purchase securities (the "Shares") of Skandiabanken ASA (the "Company") in the United States, Norway or any other jurisdiction. The Shares of the Company may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"). The Shares of the Company have not been, and will not be, registered under the Securities Act. Any sale in the United States of the securities mentioned in this communication will be made solely to "qualified institutional buyers" as defined in Rule 144A under the Securities Act.
European Economic Area
Any offering of securities will be made by means of a prospectus to be published that may be obtained from the issuer or selling security holder, once published, and that will contain detailed information about the Company and its management, as well as financial statements.
These materials are an advertisement and not a prospectus for the purposes of Directive 2003/71/EC, as amended (together with any applicable implementing measures in any Member State, the "Prospectus Directive"). Investors should not subscribe for any securities referred to in these materials except on the basis of information contained in the prospectus.
In any EEA Member State other than Norway (from the time the prospectus has been approved by the Financial Supervisory Authority of Norway, in its capacity as the competent authority in Norway, and published in accordance with the Prospectus Directive as implemented in Norway) that has implemented the Prospectus Directive, this communication is only addressed to and is only directed at "qualified investors" in that Member State within the meaning of Article 2(1)(e) of the Prospectus Directive ("Qualified Investors"), i.e., only to investors to whom an offer of securities may be made without the requirement for the Company to publish a prospectus pursuant to Article 3 of the Prospectus Directive in such EEA Member State.
In the United Kingdom, these materials are only being distributed to and are only directed at Qualified Investors who (i) are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Order") or (ii) are persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies, unincorporated associations, etc.) (all such persons together being referred to as "Relevant Persons"). These materials are directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this document relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.