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Sbanken ASA: Lowers interest rates by up to 0.5 percentage points

Sbanken has today decided to lower its interest rates on mortgages and deposits. The bank is also significantly lowering the interest rate on bridge financing to assist customers in a particularly trying time.

Following the interest rate cut from the Norwegian Central Bank (Norges Bank) on March 13, Sbanken is now lowering interest rates by up to 0.5 percentage points.

- The outbreak of the Coronavirus is affecting our customers in various ways and we aim assist them as best as we can. Customers with high leveraged mortgages are among the most affected, and we have therefore decided to hand out the largest rate cuts to those with the highest loan-to-value. We have also decided to lower the interest rate to customers with bridge financing, as they represent a group facing particularly high uncertainty in the current situation, says Øyvind Thomassen, CEO of Sbanken.  

The interest rate on bridge financing is lowered by 1.06 percentage points, effective immediately.

- In addition to supporting our customers with interest rate cuts, we have already started offering mortgage customers the option to postpone the payment of instalments. Some customers have already chosen to accept this offer and many are grateful for the flexibility that Sbanken now offers during this period, says CEO Øyvind Thomassen.

Sbanken’s customers will receive notification regarding the changes in mortgage rates shortly. The reduction in interest rate will take effect for existing loans, excluding bridge financing, from 30 April. For new loan customers, the adjustment will take effect from tomorrow 18 March. Interest rate changes on all deposits will apply from 18 May. Updated price list will be made available tomorrow 18 March on Sbanken.no.

Contact details,

Investor relations
Jesper M. Hatletveit, Head of IR, Sbanken ASA, +47 959 40 045
Henning Nordgulen, CFO, Sbanken ASA, +47 952 65 990

Media Contact
Kristian K. Fredheim, Head of Communications, Sbanken ASA, +47 924 47 407

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