Today, Norway-based savings banks Skue Sparebank and Romerike Sparebank announced that they have signed a letter of intent and entered negotiations for a potential merger, with Skue Sparebank as the acquiring bank. Subject to a final merger agreement, approval by the banks’ governing bodies, and the Financial Supervisory Authority of Norway (Finanstilsynet), the banks aim to complete the merger by the third quarter of 2027. Both banks are members of the Eika Alliance, which facilitates the merger.
The merger will create Norway's eighth largest bank. As of 30 Jun. 2026, Skue Sparebank had total assets (including transferred loans to Eika Boligkreditt) of NOK 36bn, while Romerike Sparebank had total assets of NOK 24bn. Both banks are located in the Oslo region, with their market areas in close proximity. We expect the combined bank to achieve a stronger market position in a growing region and benefit from operational and funding scale. The banks estimate total synergies of NOK 40–60m after three years, with merger costs of NOK 55m. The pro-forma CET1 ratio is 20.7%, and equity capital certificate holders will own 45% of the equity.
While execution and integration risks persist, we consider the transaction supported by an enhanced market position, strong capital adequacy, and anticipated long-term synergies. The banks expect the merger to be approved by the general meetings in December 2026.
Related publications:
i. Capital strength sets Norwegian savings banks up for 2026 growth, 9 Jan. 2026
ii. Romerike Sparebank 'A-' long-term issuer rating affirmed with stable outlook; removed from criteria review, 11 Nov. 2025
iii. Skue Sparebank 'A-' long-term issuer rating affirmed with stable outlook; removed from criteria review, 6 Nov. 2025
This commentary does not constitute a rating action.
Contacts:
Geir Kristiansen, analyst, +4790784593, geir.kristiansen@nordiccreditrating.com
Ylva Forsberg, analyst, +46768806742, ylva.forsberg@nordiccreditrating.com