DNB ASA has decided to initiate a new share buy-back programme. Similarly to the share buy-back programme completed by DNB ASA on 8 December 2017, the new share buy-back programme would also comprise up to 0.5% of its registered shares, representing a total of approximately 8.1 million shares.

The share buy-back programme will be carried out on the basis of the authorization given by DNB ASA’s annual general meeting on 25 April 2017, where it was approved that DNB ASA may repurchase shares up to a maximum of 1.5% of its registered shares for purposes of enabling an optimal level of capital in the company. Based on the authorization, DNB ASA has completed two share buy-back programmes in 2017 in which a total of 16 287 982 shares shall be redeemed by the general meeting.

Under the new share buy-back programme, up to approximately 5.4 million of the shares comprised by the share buy-back programme will be repurchased in the open market. In addition, a proportionate amount of the shares owned by the state of Norway through the Ministry of Trade, Industry and Fisheries will be redeemed, in accordance with an agreement between DNB ASA and the state of Norway. The redemption of the shares owned by the state of Norway is subject to approval from DNB ASA’s annual general meeting in 2018. According to the agreement, the state of Norway shall redeem shares on a proportionate basis so that its current ownership interest in DNB ASA of 34.00% remains unaffected following completion of the buy-back programme.

DNB ASA will seek approval from the annual general meeting in 2018 for cancellation of the repurchased shares and a corresponding redemption of the proportionate number of shares owned by the state of Norway. The redemption of the shares owned by the state of Norway shall be made against a payment which shall correspond to an average volume weighted price of DNB ASA’s repurchase of shares in the open market as a part of the buy-back programme, including an interest compensation and an agreed adjustment for dividend paid on the redemption shares in the buy-back period (if any).

For further information, DNB ASA refers to the minutes from DNB ASA’s annual general meeting of 25 April 2017, available at www.dnb.no.

Olaug Svarva has been nominated as new board chairman in DNB ASA and
DNB Bank ASA. She will succeed Anne Carine Tanum, who has held this position since 2008.

DNB’s Election Committee has nominated Olaug Svarva to the position as new board chairman. She will be formally elected by DNB’s Annual General Meeting on 24 April 2018. 

Olaug Svarva has been CEO of Folketrygdfondet since 2006, where she has previously held the role of investment director for Equities. She also has experience from SpareBank 1 Aktiv Forvaltning and SpareBank 1 Livsforsikring as CEO and investment director, respectively.  

Olaug Svarva has a Bachelor of Science in Business Administration and a Master of Business Administration from the University of Denver and is authorised as a portfolio manager by the Norwegian Society of Financial Analysts. 

Anne Carine Tanum will retire as board chairman at the Annual General Meeting in April. She has been board chairman since 2008 and a board member since 1999.  

DNB is part of a group of Nordic banks currently exploring the possibility of establishing a pan-Nordic payment infrastructure supplemented by common products.

The Nordic payment markets are among the most advanced and well-functioning in the world delivering first-class services to individuals and corporates across the region. At the same time, and despite close ties between the countries, the current payment infrastructures are highly fragmented along national borders. A harmonization of the domestic infrastructures and the products offered would ease cross-border payments and foster further trade between the Nordic countries, stimulating growth and employment. 

A group of major Swedish, Danish, Norwegian and Finnish banks is currently exploring the possibility of establishing a pan-Nordic payment infrastructure supplemented by common products. The vision is to create, within the Nordics, the worlds’ first area for domestic and cross-border payments in multiple currencies (SEK, DKK, NOK and EUR). Based on open access and common European standards, the infrastructure will contribute to increased competition among payment service providers in the Nordics.    

Besides increased integration, a harmonized Nordic payment infrastructure will create a better foundation for innovation and encourage the development of new products and services to the benefit of all end-users. This will in turn enable the Nordics to maintain their position as some of the worlds’ most digital societies. It will also be in line with present-day requirements for payment infrastructures as financial utilities, where scale, security, speed and efficiency have become key. The initiative shares the objectives of current domestic infrastructure projects in Norway and Sweden, but aims at achieving them on a Nordic scale.

Consultations with relevant stakeholders will take place as appropriate.

The banks behind the initiative are Danske Bank, DNB, Handelsbanken, Nordea, OP Financial Group, SEB and Swedbank.

Press contact: Thomas Midteide, group executive vice president, Media & Marketing, tel.: + 47 962 32 017

During week 5 and 6, DNB ASA has purchased 2 865 034 own shares at an average price of NOK 154.53 per share. After this, DNB ASA owns a total of 13 615 102 own shares.

The repurchase of shares is part of the new share buy-back programme announced by DNB ASA on 1 February 2018. The buy-back programme comprises up to approximately 8.1 millon shares, of which up to approximately 5.4 million will be repurchased in the open market. The rest will be redeemed from the state of Norway on a proportionate basis, subject to approval from DNB ASA's annual general meeting in 2018, so that its ownership interest of 34.00% will remain unaffected following completion of the buy-back programme.

For further information about the share buy-back programme, DNB ASA refers to the Oslo Stock Exchange notification made on 1 February 2018 (available from www.newsweb.no).

During week 7, DNB ASA has purchased 1 960 000 own shares at an average price of NOK 156.99 per share. After this, DNB ASA owns a total of 15 575 102 own shares.

The repurchase of shares is part of the new share buy-back programme announced by DNB ASA on 1 February 2018. The buy-back programme comprises up to approximately 8.1 millon shares, of which up to approximately 5.4 million will be repurchased in the open market. The rest will be redeemed from the state of Norway on a proportionate basis, subject to approval from DNB ASA's annual general meeting in 2018, so that its ownership interest of 34.00% will remain unaffected following completion of the buy-back programme.

For further information about the share buy-back programme, DNB ASA refers to the Oslo Stock Exchange notification made on 1 February 2018 (available from www.newsweb.no).

DNB ASA has finalised its share buy-back programme announced on 1 February 2018. A total of 5.4 million shares have been repurchased in the open market, whereas a total of 2.7 million shares held by the Norwegian government will be redeemed, subject to approval by DNB ASA’s Annual General Meeting in 2018, so that its ownership interest in DNB ASA of 34.0 per cent will remain unaffected following the completion of the buy-back programme. The weighted average purchase/redemption price for the 5.4 million shares is NOK 155.68

This is the third share buy-back programme that DNB has finalised since the Annual General Meeting in 2017. The three programmes, including the shares held by the Norwegian government, represent a total of 24 431 973 shares. 16 125 102 of the shares have been bought in the open market.

The shares comprised by the share buy-back programme will be cancelled subject to approval by the Annual General Meeting in 2018. Together with the 16 287 982 shares comprised by the two share buy-back programmes completed on 14 August 2017 and 8 December respectively, the total number of DNB ASA’s registered shares will be reduced by 1.5 per cent from today's 1 628 798 861.

For further information about the share buy-back programme, DNB ASA refers to the Oslo Stock Exchange notification made on 1 February 2018 (available from www.newsweb.no).

The DNB group's annual report and Pillar 3-report for 2017 is published today, 8th of March 2018, at DNB's website ir.dnb.no

Shareholders in DNB ASA are hereby invited to attend the Annual General Meeting to be held at 3.00 pm on Tuesday, 24 April 2018 in DNB's premises in Dronning Eufemias gate 30, Bjørvika, Oslo, Norway.

Agenda: approval of the 2017 annual report and accounts, reduction in capital as a result of the repurchase of shares, election of members of the Board of Directors and the Election Committee as well as the approval of remuneration rates for members of these bodies. The Board of Directors also asks the General Meeting for an authorisation to repurchase up to 3.5 per cent of the company's share capital as well as the authorisation to DNB Markets of 0.5 per cent for hedging purposes, valid up to the Annual General Meeting in 2019. Initially, DNB will apply to Finanstilsynet (the Financial Supervisory Authority of Norway) for approval of a 2 per cent repurchase limit, as well as 0.5 per cent for hedging purposes.

The Notice of Annual General Meeting is attached.

DNB will publish its results for the first quarter of 2018 on Thursday, 26 April 2018 at 7.30 am CET.

26 April at 9.30 am CET: press conference in English accessible via live web TV
Place: DNB’s head office in Bjørvika, Dronning Eufemias gate 30, Oslo. A live broadcast will be available on the Investor Relations pages at ir.dnb.no.
Please register your attendance in Oslo at [email protected].

The press conference will be held in English.

26 April at 1.30 pm CET: conference call for analysts and investors
To attend the conference call: +47 2156 3318 eller internasjonal linje: +44 (0) 20 3003 2666
Passord: DNBQ1 

The phonecast (listen only mode) and replay will be available on the Investor Relations pages at ir.dnb.no

27 April at 07:45 am GMT: breakfast conference for analysts in London
Place: JP Morgan office, 60 Victoria Embankment, London, EC4Y 0JP.
Please register your attendance in London at [email protected]

Management will present the results followed by a Q&A session.