Easybank ASA agreed to acquire BRAbank ASA (OB:BRA-ME) for approximately NOK 340 million.
The transaction is subject to shareholder approval from both Easybank and BRAbank, as well as regulatory approvals, approval by any relevant competition authority, approval by the Oslo Stock Exchange of listing the combined company on Merkur market, Approval by the Norwegian Financial Supervisory Authority, fulfillment of all of statutory requirements and capital requirements ratios are within requirements set by the FSA. The transaction is recommended by the Board of Directors of both Easybank and BRAbank. On July 16, 2020, the transaction is approved by the shareholders of BRAbank ASA. Post-approval, the subsequent mandatory announcement in the Norwegian Register of Business Enterprises, a six week creditor notice period will commence. The Pillar II requirement for the merged bank has been set to 6.5%, subject to a renewed assessment in the SREP review in 2022. On August 31, 2020, Bent Gjendem, Cheif Executive Officer, Founder and strategic adviser at BRAbank will leave BRAbank effective today. As on September 7, 2020, Financial Supervisory Authority of Norway approved the merger. The transaction is expected to close on October 1, 2020. Sparebank 1 Markets AS has acted as financial advisor to the Board of Directors of both Easybank and BRAbank. Advokatfirmaet Schjodt AS acted as legal advisor in the transaction. Sparebank 1 Markets AS provided fairness opinion in the transaction.