Easybank ASA (OTCNO:EASY) agreed to acquire BRAbank ASA (OB:BRA-ME) for approximately NOK 340 million on June 12, 2020. The transaction will be an all share merger, with BRAbank shareholders to receive 0.075724 Easybank shares per BRAbank share. Existing Easybank shareholders to hold 50% of total outstanding shares post-merger and existing BRAbank shareholders to hold 50% of outstanding shares post-merger. Easybank will be the surviving entity and will be named BRAbank and listed on Merkur Market. Easybank Chief Executive Officer Oddbjørn Berentsen will continue as Chief Executive Officer for the combined bank. Easybank's Chairman Svein Lindbak will be appointed Chairman for the combined bank, and BRAbank's Chairman Viggo Leisner will be appointed Vice Chairman. The Board of Directors for the combined bank will be Svein Lindbak (Chairman), Viggo Leisner (Vice Chairman), Kristin Krohn Devold, Irene Terkelsen, Jan Kleppe, Øyvind Oanes and Siv Børge-Ask. Nomination committee to consist of Per G Braathen (Chairman), Nils Gunnar Hjellegjerde and Petter Tusvik. The headquarter of the combined bank will be in Oslo, Norway.

The transaction is subject to shareholder approval from both Easybank and BRAbank, as well as regulatory approvals, approval by any relevant competition authority, approval by the Oslo Stock Exchange of listing the combined company on Merkur market, Approval by the Norwegian Financial Supervisory Authority, fulfillment of all of statutory requirements and capital requirements ratios are within requirements set by the FSA. The transaction is recommended by the Board of Directors of both Easybank and BRAbank. On July 16, 2020, the transaction is approved by the shareholders of BRAbank ASA. Post-approval, the subsequent mandatory announcement in the Norwegian Register of Business Enterprises, a six week creditor notice period will commence. The Pillar II requirement for the merged bank has been set to 6.5%, subject to a renewed assessment in the SREP review in 2022. On August 31, 2020, Bent Gjendem, Cheif Executive Officer, Founder and strategic adviser at BRAbank will leave BRAbank effective today. As on September 7, 2020, Financial Supervisory Authority of Norway approved the merger. The transaction is expected to close on October 1, 2020. Sparebank 1 Markets AS has acted as financial advisor to the Board of Directors of both Easybank and BRAbank. Advokatfirmaet Schjodt AS acted as legal advisor in the transaction. Sparebank 1 Markets AS provided fairness opinion in the transaction.

Easybank ASA (OTCNO:EASY) completed the acquisition of BRAbank ASA (OB:BRA-ME) on October 1, 2020. BRAbank started trading on Merkur Market.