Sbanken ASA: Sbanken with new interest rate cut

Following the historic key policy rate cut from Norges Bank on Thursday 7 May, Sbanken has today decided to lower interest rates on home loans by up to 0.40 percentage points. Sbanken’s new best mortgage rate is now a record low 1.58 per cent.

“In record time, Norges Bank has lowered the key policy rate to historically levels to support the Norwegian economy. At Sbanken, we do our utmost to support our customers through a difficult and uncertain time. As Norway’s first bank, we delivered our previous rate cut of 0.50 percentage with immediate effect to all customers. We have also supported a large share of our customers with instalment deferrals, and many have showed gratitude for the flexibility we are offering. With today’s interest rate cut, we have delivered a combined mortgage rate cut of up to 1.40 percentage points,” says Øyvind Thomassen, CEO of Sbanken.

Deposit rates are lowered by up to 0.25 percentage points, effective from 12 July.

Sbanken’s customers will shortly receive regarding the changes in mortgage rates. For existing mortgage customers, the reduction comes into effect from 25 May. For new customers, the adjustment will apply from 12 May.

Kontaktdetaljer,

Investor Relations,

Jesper M. Hatletveit, IR-Ansvarlig, Sbanken ASA,

Henning Nordgulen, CFO, Sbanken ASA,

Mediekontakt

Kristian K. Fredheim, Kommunikasjonssjef, Sbanken ASA,

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