KLP to establish banking subsidiary


 

TIDM41CO 
 
RNS Number : 7816M 
Kommunal Landspensjonskasse 
04 February 2009 
 
PRESS RELEASE 
 
 
    Oslo, 4 February 2009 
 
 
KLP establishes banking subsidiary 
On 29th January, KLP received permission from the Financial Supervisory 
Authority of Norway to establish a banking business. KLP Bank will become 
operative in the second half of 2009. 
 
 
KLP Bank will offer favourable terms for housing mortgages, favourable interest 
rates on deposits, user-friendly self-service, and good service in general. 
 
 
KLP Bank will be a straightforward bank focusing on housing mortgages and 
deposits. This provides for efficient operations and low costs, which will 
benefit our customers", says Sverre Thornes, CEO. 
"Above all we hope and believe that many of those associated with KLP will find 
KLP to be a good and safe bankingalternative", says Mr Thornes, while stressing 
that new customers will also be welcome. 
 
 
KLP has provided mortgage loans to our customers' employees for many years and 
is now making it possible for more people to obtain loans on the same good terms 
and conditions. The company's lending currently amounts to NOK 9 billion in home 
mortgage loans. 
 
 
"By setting up KLP Bank we are able to offerattractive  interest rates for 
depositors as well. 
KLP Bank is a key element in our efforts to further develop good products and 
services to 
the retail market", says Mr Thornes. 
 
 
More than 550,000 individualswill get pension benefits, in whole or in part, 
from KLP. That is more than ten per cent of the Norwegian population. Our 
customers, who are also our owners, want us to offer attractive products to 
their employees as well. KLP has therefore developed good investment fund 
products for individual  saving programmes and a customised non-life product for 
our customers' employees. 
 
 
KLP also provides mortgage loans. The magazine Dine Penger recently proclaimed 
KLP to be Number One in Norway for loan backed mortgages in the 80 per cent 
coverage category. KLP Bank will take this effort one step further. 
 
 
For further information please contact: 
Mr Sverre Thornes, Group CEO, on +47 22 03 35 59 / +47 97 74 40 07 
Mr Aage Schaanning, Chief Financial Officer, on +47 22 03 70 01 /+47 90 52 43 12 
Mr Ole Jacob Frich, Executive Vice President Communication, on +47 22 03 78 96 / 
+47 90 91 55 23 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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