Stock and press releases

During week 51 2019, DNB ASA has purchased 1 179 000 own shares at an average price of NOK 159.11 per share. After this, DNB ASA owns a total of 9 429 000 own shares.

The repurchase of shares is part of the share buy-back programme announced by DNB ASA on 24 October 2019, as subsequently amended by an announcement on 20 November and 12 December 2019. The share buy-back programme comprises up to approximately 23.7 million shares, of which up to approximately 15.6 million shares may 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 2020, so that its current 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 notifications made on 24 October, 20 November and 12 December 2019 (available from www.newsweb.no).

This information is subject to the disclosure requirements according to Section 5-12 of the Norwegian Securities Trading Act.

During week 50 2019, DNB ASA has purchased 992 000 own shares at an average price of NOK 154.75 per share. After this, DNB ASA owns a total of 8 250 000 own shares.

The repurchase of shares is part of the share buy-back programme announced by DNB ASA on 24 October 2019, as subsequently amended by an announcement on 20 November and 12 December 2019. The share buy-back programme comprises up to approximately 23.7 million shares, of which up to approximately 15.6 million shares may 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 2020, so that its current 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 notifications made on 24 October, 20 November and 12 December 2019 (available from www.newsweb.no).

This information is subject to the disclosure requirements according to Section 5-12 of the Norwegian Securities Trading Act.

On 11 December, the Norwegian Ministry of Finance announced amendments to the capital requirements for Norwegian banks that will be implemented 31 December 2020. Compared with the consultation paper, the systemic risk buffer has been changed for countries outside the European Economic Area. For countries that do not have systemic risk buffer requirements, the rate is set to zero instead of previously proposed Norwegian buffer rate. Based on DNB's portfolio as at the third quarter of 2019, the effective systemic risk buffer requirement will be approximately 3.1 per cent compared with the previous estimate of 3.9 per cent.

The Ministry of Finance has stated that the purpose of the amendment is to maintain the solidity of Norwegian banks following the implementation of the EU legislation (CRR/CRD IV) on 31 December 2019. The Ministry of Finance has, in this regard, asked Finanstilsynet (the Financial Supervisory Authority of Norway) to review the connection between Pillar 1 and Pillar 2, including the Pillar 2 guidance. Based on this, DNB will for now not make any changes to the previously communicated capital target of 17.9 per cent (CET1).

On 24 October 2019, DNB ASA initiated a buy-back programme comprising up to 0.5 per cent of the shares in the company, representing a total of 7 901 506 shares. DNB ASA expanded the buy-back program on 20 November 2019, thereby comprising up to a total of 1.0 per cent of the company's shares, representing a total of 15 803 014 shares.

DNB ASA has now decided to increase the number of shares that can be purchased under the buy-back programme, thereby comprising up to a total of 1.5 per cent of the company's shares, representing a total of 23 704 521 shares. The decision is made following the announcement by the Ministry of Finance on 5 and 11 December that CRDIV/CRR will be implemented in Norway with effect from 31 December 2019. The announcement provides additional clarity regarding future capital requirements. 

Other than with respect to the increase of the total number of shares that can be purchased, the buy-back programme will be carried out as communicated in the Oslo Stock Exchange notification made on 24 October 2019 (available at www.newsweb.no).

The share buy-back programme is based on an authorization given by DNB ASA's annual general meeting on 30 April 2019 and an approval given by the Financial Supervisory Authority of Norway on 27 June 2019. The authorization from the general meeting will be valid for a period of 12 months from the date of the general meeting.

In accordance with the authorization from the general meeting, the shares shall be purchased at a price between NOK 10 and NOK 250 per share. The buy-back programme will, at the latest, be completed by the end of March 2020.

Up to approximately 15.6 million of the shares will be repurchased in the open market. As of today, DNB ASA has repurchased approximately 7.8 million shares. In accordance with an agreement between DNB ASA and the state of Norway through the Ministry of Trade, Industry and Fisheries, a proportionate amount of shares will be redeemed from the state of Norway, so that its current ownership interest in DNB ASA of 34 % remains unaffected following completion of the buy-back programme.

DNB ASA will seek approval from the annual general meeting in 2020 for cancellation of the repurchased shares and redemption of shares owned by the state of Norway. The redemption of shares 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 any dividend paid on the redemption shares in the buy-back period.

For further information, DNB ASA refers to the minutes from DNB ASA's annual general meeting of 30 April 2019, available at www.dnb.no.

This information is subject to the disclosure requirements according to Section 5-12 of the Norwegian Securities Trading Act.

During week 49 2019, DNB has purchased 1 496 000 own shares at an average price of NOK 153.69 per share. After this, DNB ASA owns a total of 7 258 000 own shares.

The repurchase of shares is part of the share buy-back programme announced by DNB ASA on 24 October 2019, as subsequently amended by an announcement on 20 November 2019. The share buy-back programme comprises up to approximately 15.8 million shares, of which up to approximately 10.4 million shares may 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 2020, so that its current 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 notifications made on 24 October and 20 November 2019 (available from www.newsweb.no).

This information is subject to the disclosure requirements according to Section 5-12 of the Norwegian Securities Trading Act.

During week 48 2019, DNB has purchased 1 107 000 own shares at an average price of NOK 162.95 per share. After this, DNB ASA owns a total of 5 762 000 own shares.

The repurchase of shares is part of the share buy-back programme announced by DNB ASA on 24 October 2019, as subsequently amended by an announcement on 20 November 2019. The share buy-back programme comprises up to approximately 15.8 million shares, of which up to approximately 10.4 million shares may 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 2020, so that its current 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 notifications made on 24 October and 20 November 2019 (available from www.newsweb.no).

This information is subject to the disclosure requirements according to Section 5-12 of the Norwegian Securities Trading Act.