STOCKHOLM, Sweden, Dec. 19, 2002 (PRIMEZONE) -- Norway's SpareBank 1 Gruppen has announced a new share issue of NOK 520 million. ForeningsSparbanken (Other OTC:FGSKF) will participate in the issue in the amount of NOK 130 million and thereby retain its 25 percent interest in SpareBank 1 Gruppen.
ForeningsSparbanken has terminated the current cooperation agreement with SpareBank 1 effective December 31, 2002. Against the backdrop of the positive dialogue between the two parties, they have decided, however, to extend the length of the agreement by a month to ensure enough time to complete negotiations on SpareBank 1 Gruppen's strategic direction and structure.
In the fourth quarter, SpareBank 1 Gruppen is expected to post a loss of NOK 300 million after tax, which includes the write-off of the commitment in Finance Credit. As a result, ForeningsSparbanken's share of the loss will be approximately SEK 91 million after tax for the fourth quarter.
For further information, please contact:
Annika Wijkstrom, Executive Vice President and
Head of International Alliances
+46 8 585 913 97
Staffan Salen, Executive Vice President and
Head of Communications
+46 8 585 927 79 or +46 705-31 01 11
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