The Board of Directors of SpareBank 1 SMN has adopted a new savings scheme for the employees, who are being invited to buy equity certificates issued by the bank.
The object of the programme is to motivate employees to become co-owners of the bank and the same time to increase interest in the bank's strategy and results.
Employees commit themselves to a fixed savings amount for 2016 by enrolling in the savings scheme in January and February 2016. For 2016 the bank offers a scheme enabling employees to save either kr. 6,000 or kr. 12,000 per year.
The overall amount saved will be used to purchase equity certificates of SpareBank 1 SMN on behalf of employees through 2016, with final allocation of equity certificates taking place in December 2016. After two years of ownership the bank will award a bonus certificate for every second equity certificate purchased through the offer.
Purchase of equity certificates will be in keeping with an authorisation from the Supervisory Board, and will take place on the day or days following the publication of interim financial statements. The initial purchase is expected to be carried out after publication of the interim financial statements for the fourth quarter of 2015. SpareBank 1 Markets will purchase the equity certificates on the bank's behalf.
The price and a number of equity certificates acquired by the bank will be reported in keeping with applicable rules. The employees will be allocated equity certificates calculated on the basis of the average closing price on the 15th of each month in the period of saving, with no form of discount.
The savings scheme is effective for the year 2016, but the Board of Directors' intention is to continue the scheme in the years ahead.
Trondheim, 15 December 2015
Contact person at SpareBank 1 SMN:
Executive Vice President, Finance, Kjell Fordal on +47 905 41 672
About SpareBank 1 SMN
SpareBank 1 SMN is the region's leading financial services group. It is the market leader in the retail and corporate segments, with a total of 49 offices located at 42 sites across the region's municipalities.
We aim to be the recommended bank for customers in Trøndelag and in Møre and Romsdal. Being a local, independent savings bank we feel a special responsibility for stimulating growth and prosperity in the region. We base our business on closeness to
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
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Source: SpareBank 1 SMN via Globenewswire
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