Pareto Bank ASA announced a private placement to issue 6,930,693 common shares at a price of NOK 50.50 per share for the gross proceeds of NOK 350 million on August 22, 2023. The transaction will include participation from returning investor, Pareto AS. The company, members of the company?s executive management and Board as well as Pareto AS have undertaken a six-month lock-up on customary terms and conditions.

The final number of offer shares to be issued will be determined by the company's board of directors in consultation with the managers. Pareto AS, the Company?s largest shareholder holding 20.0% of the outstanding shares of the company has pre-committed to subscribe for, and will be allocated, its pro rata share of the private placement, up to NOK 70 million at the offer price.