Sparebanken Norge has initiated the announced transformation programme to strengthen the bank's competitiveness in a market characterised by increased digitalisation, changing customer needs and tighter cost requirements. "We are seeing the operating environment change. Net interest income is under significant pressure and competition is intensifying. To achieve our ambitions, we must strengthen our execution capabilities and prepare the bank for the future," says Jan Erik Kjerpeseth, CEO of Sparebanken Norge. The programme comprises several key development areas across the bank, including stronger nationwide distribution, increased use of artificial intelligence, modernisation of technology and continued enhancement of customer experiences. As part of the transformation programme, the bank is planning a workforce rebalancing that will involve a reduction of approximately 100-120 full-time equivalents in certain divisions compared with the staffing level at the end of the first quarter of 2026. This will apply to staff and support functions, personal banking and direct banking. The measures will be implemented during 2026. These measures are not primarily related to the merger and its effects but are a necessary step to address competition in the market, with pressure on net interest income and continued high inflation. In connection with the capital markets day in August 2026, the bank will provide further information on the financial effects of the measures. "We will carry out the process in a responsible and orderly manner, with strong involvement of employee representatives and follow-up of the employees who will be affected," says CEO Jan Erik Kjerpeseth. The transformation programme will also support and create room for an ambitious expansion into new market areas, which entails a significant increase in staffing in the customer divisions in the phase we are now in as we build Sparebanken Norge. Overall, there is therefore reason to believe that the number of full-time equivalents in the bank will remain at approximately today's level over time. Contacts: Hanne Dankertsen, Director of Communications, tel.: +47 994 49 173 Hans Olav Ingdal, CFO, tel.: +47 948 09 328 Brede Borgen Kristiansen, Director Finance and Investor Relations, tel.: +47 479 06 402
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