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Sbanken ASA: Sbanken ASA: Change in management

Øyvind Thomassen has been appointed CEO in Sbanken ASA. He replaces Magnar Øyhovden, who resigns in understanding with the Board of Directors. The change will take place no later than October 15th.

“I am convinced that we have chosen the best leader for the bank’s next phase. Øyvind has more than 20 years’ experience from banking in Norway and Sweden, extensive experience with digital banking and a strong commitment both to SBanken as a company and the development in the banking sector” says Chairman of the Board Niklas Midby.
Øyvind Thomassen has worked as consultant since he resigned from the position as CEO in Bluestep Bank in October 2018, a position he had held since 2016. In the period from 1999 until 2010 he was in charge of Skandiabanken in Norway (Sbanken’s predecessor). From 2010 he took the position as CEO in the parent company, Skandiabanken AB in Sweden.

Øyhovden will continue in the role until Thomassen replaces him, no later than October 15th. He will be at the bank’s disposal in the notice period.
“Magnar has been in charge of the bank since 2010. He has shown a strong performance and has taken the bank through substantial changes in a period of strong growth. He has managed and developed the organisation through different owner constellations and the listing in 2015, and have implemented various new products and services. I wish Magnar success as he goes forward and thank him for his efforts in the bank over 13 years”, says Midby.

“It has been a fantastic experience to head Sbanken. As a hybrid between the innovative technology business and the more traditional banking sector, Sbanken is a unique company. I am proud of what we have achieved together in the period that I have had the pleasure of leading the bank. First, I will ensure that the change in management runs as smoothly as possible, and thereafter spend some time to consider what to pursue next. I am certain that my experience is well suited for various companies”, says Magnar Øyhovden.

Øyhovden will receive a severance payment for 12 months after the notice period. During this period he is subject to a non-competition clause.

Media contact
Chairman Niklas Midby, tlf: ‭+46 70-559 52 70, e-post: niklas.midby@gmail.com‬‬‬

Investor Relations
Henning Nordgulen, CFO, Sbanken ASA, +47 952 65 990, e-post: henning.nordgulen@sbanken.no

About Sbanken ASA
In April 2000, Sbanken was launched as the first purely digital bank in Norway. Today, the bank offers a comprehensive range of financial products and services to individuals, households and SMEs 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 2019, Sbanken had total assets of NOK 95 billion. For more information, see sbanken.no/investor-relations.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.