Norwegian Government positive to participate in DnB NOR rights issue

The Norwegian Government will shortly put forward a parliamentary bill to the Norwegian Parliament – Stortinget - proposing the Norwegian State should participate with a proportionate share in the upcoming ordinary rights issue in DnB NOR ASA. This will ensure that the State retains its 34 percent ownership in the company.

-  The Government is positive to the Board’s proposal for a rights issue in DnB NOR, says the Minister of Trade of Industry Sylvia Brustad.

-  I regard the issue as a healthy sign both for DnB NOR and the financial market. The rights issue will strengthen the core capital ratio in the company and increase its financial robustness in a way that gives equal opportunity for all shareholders to participate.  , she continues.

-  Through its ownership the Norwegian State wants to ensure the corporation maintains its headquarter in Norway and that DnB NOR will be a partner for Norwegian companies operating domestically as well as in the export market.  This will give the Norwegian business community access to a Norwegian based financial institution with extensive know-how. For DnB NOR the increased capital base will strengthen its ability to maintain its valuable and central role towards the Norwegian business community.  As a major and long-term owner in DnB NOR, the Government is willing to participate with its proportional share in the issue, says the Minister.

-  The Government’s willingness to participate is subject to the Norwegian Parliament –Stortinget - giving its approval and, that the terms of the transaction are acceptable and in line with financial market practice.  The State’s subscription in DnB NOR ASA would be up to 5 billion Norwegian kroner. The State’s ownership will remain 34 percent after the rights issue.