June 13, 2017 / 10:17 AM / 5 months ago

Sparebank 1 Oestlandet to focus on growth in Oslo following IPO

OSLO, June 13 (Reuters) -

** Sparebank 1 Oestlandet, Norway’s fourth biggest savings bank, listed on the Oslo Bourse on Tuesday

** Equity certificates currently priced at NOK 78.75 versus IPO price 78.0

** Chief Executive Richard Heiberg told Reuters the bank will use excess capital to grow, aims for “careful and profitable growth”

** Core equity currently at 16.7 percent versus target of 16 percent

** Expects growth level of around 6-7 percent per year in Oslo and Akershus, 2-3 percent in the inland region

** Will concentrate on retail market (74 percent share of its lending), and on small and medium sized businesses

** Says bank’s stable and profitable operations, with no exposure to volatile industries such as oil, fisheries or shipping, ensures stable dividends of at least 50 percent

** Says is competitive on mortgages compared to the big banks in the Oslo area, and emphasises its promise to pay a customer dividend as a competitive advantage

** Focuses on local presence, sees increasing benefits from having physical branches where other banks have closed down, also in Oslo

** Repeats sees synergies of NOK 75 million annually from 2018 following the acquisition of Bank 1 Oslo Akershus

$1 = 8.4104 Norwegian crowns Reporting by Camilla Knudsen, editing by Terje Solsvik

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