Today, Norway-based Hegra Sparebank and Selbu Sparebank announced that they have signed a letter of intent and entered negotiations regarding a potential merger. Subject to a final merger agreement, approval by the banks’ governing bodies, and FSA of Norway (Finanstilsynet), the banks aim to complete the merger in the first half of 2027.
Based on the banks’ financial statements as of 31 Dec. 2025, the merged entity would have total assets of NOK 14.6bn (including transferred loans), serve about 21,100 customers, and report a CET1 ratio of 23.3%.
The banks operate in adjacent and complementary core markets in Trøndelag county. Hegra Sparebank is expected to be the surviving entity, although the banks have begun a process to determine the name of the merged bank. Headquarters will be relocated to Stjørdal, with branch offices maintained in Hegra, Selbu and Trondheim. Hegra Sparebank is affiliated with the Eika Alliance, while Selbu Sparebank is a member of Lokalbanksamarbeidet. The boards have decided that the merged bank will join the Eika Alliance.
While execution and integration risks remain, we view the transaction as supported by a strengthened market position, Selbu Sparebank’s strong capital adequacy and expected long-term cost synergies. The banks expect the merger to be approved by the general meetings in mid-Aug. 2026.
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This commentary does not constitute a rating action.
Contacts:
Christian Yssen, analyst, +4740019900, christian.yssen@nordiccreditrating.com
Sean Cotten, chief rating officer, +46735600337, sean.cotten@nordiccreditrating.com