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Sbanken ASA: Interest rate adjustment

Bergen 25 June 2019: Sbanken raises the interest rate.

'Sbanken always aims to be competitive in terms of price, and we were one of very few banks that did not adjust the interest rate on mortgages the last time Norges Bank adjusted the interest rate. We are now following Norges Bank and raising the interest rate by 0.25 per cent,' says Magnar Øyhovden, CEO of Sbanken.
 
This is a market adjustment, and the result of increased money market rates over time. Norges Bank raised the key interest rate on 20 June 2019. 
The interest rate on mortgages increased by 0.25 per cent. Following the adjustment, the most reasonable mortgage in Sbanken will have an effective interest rate of 2.55 per cent. 
'If your mortgage is for less than 50 per cent of the value of your home, you are entitled to our best interest rate. Many people are unaware of their loan to asset value ratio, which we urge everyone to find out,' says Øyhovden. 
 
The adjustment will take effect for existing borrowers from 7. August 2019. For new borrowers, the adjustment will take effect from Tuesday 25 June. 
 
  
Contact details:
Geir Holen, Communication manager, Sbanken ASA, +47 959 68 286
Henning Nordgulen, CFO, Sbanken ASA, +47 952 65 990
 
 
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.