2011-05-26
Norwegian bank will directly control AB DnB NORD bankas
The Board of the Bank of Lithuania did not object to the direct acquisition by DnB NOR Bank ASA, a bank registered in Norway, of the qualifying holding in the authorised capital and/or voting rights of AB DnB NORD bankas, which grants the right to control AB DnB NORD bankas.
Such resolution was adopted with reference to the notification submitted to the Bank of Lithuania by the public limited company DnB NOR Bank ASA, registered in Norway, about the intention to acquire 5,710,134 ordinary registered shares, with the nominal value of LTL 115 each, of AB DnB NORD bankas, which is registered in the Republic of Lithuania. It makes up 100 per cent of the qualifying holding in the authorised capital and/or voting rights at the general shareholders meeting of AB DnB NORD bankas.
In order to improve the integration within DnB NOR Bank ASA group, the bank DnB NOR Bank ASA wants to have direct control of AB DnB NORD bankas. For this purpose, it needs approval from supervisory authorities: the Bank of Lithuania and the financial supervisory authority of Norway. Currently, the bank DnB NOR Bank ASA, being the only direct shareholder of Bank DnB NORD A/S (Denmark), is also the only indirect shareholder of AB DnB NORD bankas via this bank.
According to the information provided to the Bank of Lithuania, the bank DnB NOR Bank ASA envisages that AB DnB NORD bankas will continue its operation according to the approved operation plan and does not intend to initiate the restructuring of the bank’s operation, services provided or target customers. It also does not have any plans to reallocate assets or other resources of AB DnB NORD bankas. It is not planned to influence significantly or change the current management of AB DnB NORD bankas, its organisational structure, administrative and accounting procedures, internal control or IT systems architecture.
According to the available information, the sole shareholder of DnB NOR Bank ASA is DnB NOR ASA. It is a limited company registered in Norway, whose shares are quoted in the stock exchange of Norway. The company has 46,000 shareholders, of which, two shareholders have more than 10 per cent of the company’s shares. The state of Norway directly holds 34 per cent of the shares and voting rights of DnB NOR ASA, whereas Sparebankstiftelsen DnB NOR directly holds 10.03 per cent of the shares and voting rights of DnB NOR ASA. DnB NOR ASA is the largest group of companies providing financial services in Norway; it consists of 180 enterprises.