ABG Sundal Collier is acting as sole financial adviser to Totens Sparebank in connection with the contemplated merger with SpareBank 1 Østlandet

On 3 January 2024, Totens Sparebank (TOTG) and SpareBank 1 Østlandet (SPOL) announced the intention to combine to create the leading savings bank focused on Eastern Norway. The combined bank will have a gross loan book of around NOK 219bn. By combining forces, Totens Sparebank and SpareBank 1 Østlandet increase their competitiveness and offering to their customers and create a strengthened partner for businesses and local communities throughout the region, through enhanced local presence, proximity to their customers and enabling continued growth.
The combined bank will be part of the SpareBank 1 alliance, the largest savings bank alliance in Norway comprising of 12 independent savings banks throughout Norway. Completion of the merger is subject to approval in the general assembly and supervisory board of the respective banks, as well as subsequent approval by the relevant governmental authorities.
The transaction consideration will be paid as a combination of equity certificates (ECC) in SpareBank 1 Østlandet and cash, corresponding to the value of 1.86 ECC in SPOL for each ECC in Totens. The transaction values the equity in Totens Sparebank to NOK 3.0bn based on the closing price of SPOL on 2 Jan 2024, and implies a combined market value of NOK 18.0bn.