Company name Luminor Bank AS
Headline Luminor to Distribute Excess Capital


RNS Number : 2986A
Luminor Bank AS
28 May 2019
 

Release time: 28 of May 10:00 GMT

 

 

Luminor Bank to Distribute Excess Capital to Its Current Shareholder

 

Being capitalised well above the applicable regulatory requirements and internal targets, Luminor Bank has decided to pay out part of the excess capital to its sole shareholder, Luminor Group AB, the main shareholders of which are Nordea Bank Abp and DNB Bank ASA.

 

Luminor's current total capital ratio of 20 percent is well above the internal target of 17 percent. The internal target is deemed sufficient to meet all regulatory requirements and the capital needed to deliver Luminor's business strategy.

 

To facilitate the distribution, Luminor Group as the sole shareholder of Luminor Bank, made a decision on 28 May 2019 to approve Luminor Bank converting part of its share premium to share capital via a bonus share issuance, followed by a share capital reduction to effect the distribution. Luminor has received regulatory approval from the European Central Bank for such actions. The distribution will be paid once the legal waiting period of 3 months has elapsed.

 

After the completion of the bonus issue and the subsequent reduction of share capital, the share capital of Luminor Bank AS will remain on the same level as it is now at EUR 34,912,230.

 

This announcement has been issued through the Companies Announcement Service of Euronext Dublin.


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