The Government concludes that the work carried out by the Government Bank Investment Fund (GBIF) has shown that it is not yet possible to reach a new, strong Norwegian solution. The Government wants to concentrate the State ownership in one national unit constructed around Den norske Bank (DnB). The Government opens up for a sale of the State’s stake in Christiania Bank, but rejects the bid which has come from MeritaNorbanken (MN).

GBIF gave in a letter 19 May an orientation about its work with possible structural solutions for DnB and Christiania. The Government concludes that the work carried out by GBIF has shown that it is not yet possible to reach proposals, which could be the basis for a new, strong Norwegian financial solution. Based on this the Government has decided to terminate the task given to GBIF, and open up for a sale of the State’s stake in Christiania Bank. The Government wants to concentrate the State ownership in one national unit constructed around the DnB-group.

Before the shares may be offered for sale, the guidelines for the State ownership must be changed. A change in the existing guidelines which require the State to hold at least 1/3 both in DnB and in Christiania requires a decision by the Storting. MN did present a bid on Christiania which contravened the existing guidelines for the ownership policy. A sale of the State’s stake in Christiania must be carried out on commercial terms. GBIF must handle the sale in a manner and at a time which takes care of the State’s interests as an owner.