Sparbanken Öresund

Annual Report 2010

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Sparbanken Öresund

Sparbanken Öresund Group

Sparbanken Öresund is the Parent Company of a Group that comprises the wholly owned subsidiaries of Sparbanken Öresund Fastighetsbyrå AB and FriSpar Företagskredit AB, the jointly-owned subsidiary Cerdo Bankpartner AB (holdings of 80 percent) and the associated company FriSpar Bolån AB (holdings of 49 percent).

At 1 November 2010, Sparbanken Finn and Sparbanken Gripen merged. Sparbanken Gripen AB made a new share issue in which Sparbanken Finn provided its operations (excluding shares in Swedbank and cash of SEK 20 million). Sparbanken Finn received 900,000 ordinary shares and 322,667 preference shares in Sparbanken Gripen AB. After the implementation of the new share issue, Sparbanken Finn was closed, whereby its shares in Sparbanken Gripen AB were transferred to Sparbanksstiftelsen Öresund – sydvästra Skåne in accordance with the rules of the Savings Bank Act regarding conversions to a limited banking company. At the same time, Sparbanken Gripen AB changed names to Sparbanken Öresund AB.

Through the new share issue, Sparbanksstiftelsen Öresund sydvästra Skåne owns 77.74 percent and Sparbanksstiftelsen Gripen owns 22.26 percent of the votes and capital in Sparbanken Öresund AB. Because it is the acquired bank (Sparbanken Finn) that obtains a controlling influence over the new group, the transaction has been recognised in accordance with the rules for “reverse acquisitions”. This is a reverse acquisition because Sparbanken Gripen issues its own shares to such an extent that the controlling influence over the newly formed group falls to the owners of Sparbanken Finn. Legally, the acquiring company, Sparbanken Gripen, is the parent company, but the financial implications of the transaction are that the controlling influence over the newly formed group falls to the company acquired, Sparbanken Finn. The consolidated accounts have been prepared in accordance with the aforementioned financial implications.

Sparbanken Öresund AB (formerly Sparbanken Gripen AB) is the legal Parent Company, the income statement of which for 2010 will include former Sparbanken Gripen AB’s profit/loss for the whole year and the profit/loss for Sparbanken Finn’s prior operations during the period 1 November – 31 December. The comparative figures will present the operations of Sparbanken Gripen AB of the time. The consolidated accounts are published in the legal Parent Company’s name, i.e. Sparbanken Öresund AB, but are de facto a continuation of Sparbanken Finn’s financial reports and its comparative figures.

The following figure summarises how the merged banks’ operations are recognised in the Banks and the Group’s income statements:

 GroupBank
Sparbanken FinnJanuary – DecemberNovember – December
Sparbanken GripenNovember – DecemberJanuary – December

The Bank’s and the Group’s development is described in the Five-year summary – key ratios 2006-2010 and in Income statements and Balance sheets 2006-2010.

To increase understanding of this year’s and last year's figures, pro forma statements have been prepared. These consist of whole-year figures for both banks. In operating profit, costs for the merger have been excluded from operating expenses and are presented as a separate item in the income statement. The pro forma accounts are not audited. The pro forma accounts with notes are presented in their own section in the Annual Report.

Besides the Bank, the Group’s operations comprise the following companies:

  • Through the wholly owned subsidiary FriSpar Företagskredit AB, Sparbanken Öresund can offer its corporate clients competitive loans. FriSpar Företagskredit provides loans to corporate clients with low risk. The company’s borrowing is guaranteed by the European Investment Fund (EIF).
  • Sparbanken Öresund Fastighetsbyrå AB is an estate agent active in south-western Skåne. The price trend for both houses and cooperative housing was stable in the region during 2010, with an increase of between 3 to 5 percent. At the same time that the offering of residential properties remained at a normal level, demand was strong in the past year. Sparbanken Öresund Fastighetsbyrå AB is the market leader in Lund, Eslöv, Kävlinge, Lomma and Staffanstorp.
  • Cerdo Bankparter AB is a company jointly owned by Sparbanken Öresund (80 percent) and Sparbanken Syd (20 percent) that offers the banking and finance market a large range of administrative services including IT support and process development. The company is based in Helsingborg. In 2010, Sparbanken Syd was successfully converted into Cerdo Bankpartner’s bank concept and is now, like Sparbanken Öresund, a regular customer in the company. Among other notable events during the year, Johanne Christiansen Hammarlund assumed the post of President and Pål Alfvegren replaced Lars-Erik Skjutare as the Chairman of the Board. As an administrative and IT partner, Cerdo Bankpartner was also involved in projects prior to the establishment of Sparbanken Öresund. 
  • Through the associated company FriSpar Bolån AB – a mortgage company jointly owned with Sparbanken Öresund (49 percent) and SBAB (51 percent) – customers are offered competitive home loans by combining the banks’ well-developed retail network with SBAB’s efficient administration and funding.

© Sparbanken Öresund AB (publ)