BankNordik P/F - Company Announcement

Acquisition of life insurance company postponed

In an announcement to the stock exchange on 5 May 2011 BankNordik announced
that the Group had made an agreement with the Faroese government to acquire 50%
of the share capital in Lív for DKK 35 million. Lív is the largest Faroese life
insurance company with over DKK 3 billion in pension savings from over 18.000
customers. The transaction was conditioned upon the approval from the Faroese
insurance and competition authorities. The completion of the acquisition was
also conditioned on some changes to the company structure. In the Q3 Interim
Report the Group indicated, that the transaction was expected to be finalised
in the beginning of 2012, but the transaction is now expected to take place on
1 July 2012. 

The transaction has been approved by the competition authority. The changes to
the company structure have not been finalised. BankNordik has therefore made an
agreement with the Faroese government to postpone the finalisation of the
acquisition to 1 July 2012. BankNordik and the other future shareholder
Ognarfelagið Lív (organisation representing the policy holders) will continue
their cooperation with the management of Lív in preparing the acquisition of
Lív and the ensuing integration of the company. 

Johnny í Grótinum, CIO in BankNordik, has been named the coming managing
director of Lív in connection with the acquisition of the company. Johnny í
Grótinum cooperates with the current management in Lív to make the necessary
preparations for the change of ownership. 


         For further information please contact our IR department on
ir@banknordik.fo 
         or tel. +298 330 330