SpareBank 1 SMN: Revises interest rates

SpareBank 1 SMN is to raise its mortgage lending rate and its deposit rate – in both cases by up to 0.25 percentage points.

The background to the interest rate revision is the competitive situation and Norges Bank’s decision, taken at its interest rate meeting on Thursday 19 September, to raise the key policy rate. The key rate affects the wholesale price of money that the banks borrow in order to lend to their customers.

“The rate increase by Norges Bank came as no surprise, but the central bank is now signalling that the interest rate peak may have been reached this time round. SpareBank 1 SMN will remain competitive on price, and we will build further on our unique model featuring skilled advisers who are present locally across entire Central Norway, combined with simple and modern self-service solutions,” says Executive Director Nelly S. Maske at Retail Banking, SpareBank 1 SMN.

For existing borrowers the rate revision will become effective on 8 November, for new borrowers on 25 September. All customers affected by the interest rate revision now will in the course of this week receive information via the online bank or by post on what it means for their mortgage. SpareBank 1 SMN will concurrently adjust the interest rate on deposits by up to 0.25 percentage points.

Trondheim, 23 September 2019

Contact persons at SpareBank 1 SMN:

Executive Director, Retail Banking, Nelly Maske on +47 901 38 380

Head of Corporate Communications, Hans Tronstad on +47 941 78 322

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