- Borea will create high-performing fund products for Frende banks' customers,
contribute to building a strong financial environment close to the banks, and
create new revenues and returns for the banks.
This is stated by Heidi Nag Flikka, leader of the Frendegruppen's interim board.

Borea Asset Management currently manages just over ten billion NOK, heavily
weighted towards special funds. With Frende banks on the owner side, which has
customers with over NOK 40 billion in Assets Under Management, the company will
now also strengthen the focus on fund products for the banks' retail and
corporate customers through a distribution model. This gives savings bank
customers access to a high-performing fund environment that until now has only
been reserved for professional investors.

Acquires 70 percent 
Sparebanken Vest is one of the banks in the Frendegruppen, a collaboration
between independent banks. The banks have in common that they are owners and
distributors of Frende Insurance, Brage Finans, and Norne Securities. Now they
are joining forces to buy 70 percent of the asset management company Borea Asset
Management.

The goal is to build an asset management capability, headquartered in the banks'
market areas.
-From January 1, 2025, we hope that our customers will find new and high
performing fund products in their trading solutions, says Heidi Nag Flikka.

New synergies and more staff
-With the new owners' large distribution power and our robust management model,
I am convinced that this will result in large synergy effects that will benefit
customers. We are ready to welcome the banks' customers and will use the next
few months to attract even more of the sharpest minds in asset management, says
Hilde Nødseth, CEO of Borea.

-For the Frendegruppen's share of the company, we will establish a structure
that regularly rebalances ownership after the value the banks bring to the
company. This idea is core to Frendegruppen, namely that the values should
return to the banks, rather than financing group activities, says CEO of
Frendegruppen, Hans Olav Ingdal

The acquisition is planned to be completed during the third quarter of 2024,
subject to approval from regulatory authorities. The period until January 2025,
Borea and the new distributors will use to make the necessary adjustments to be
able to offer Borea funds to bank customers.

Contact persons: 
Frendegruppen: 
Hans Olav Ingdal, CEO Frendegruppen, +47 94 80 93 28 
Heidi Nag Flikka, CEO Flekkefjord Sparebank and leader of Frendegruppen's
interim board, +47 99 21 67 69

Borea Asset Management: 
Hilde Nødset, CEO, +47 90 12 14 41 
Willy Helleland, Investment Director, +47 41 12 05 11 
Magnus Vie Sundal, Portfolio Manager, +47 47 40 89 67  

Sparebanken Vest:
Jan Erik Kjerpeseth, CEO: +47 951 98 430
Frank Johannesen, CFO: +47 952 65 971  
Brede Borgen Kristiansen, Director of Finance, Operations and Investor
Relations: +47 479 06 402  
Hanne Dankertsen, Director of Communications: +47 994 49 173