Gjensidige Forsikring ASA sold 10 million shares in SpareBank 1 SR-Bank ASA at 61 Norwegian kroner per share, reducing the former's stake in SpareBank 1 SR-Bank to 0.9% from 4.81%, Gjensidige said Jan. 19.

The sale was made through an accelerated book-building process. The remaining position will be managed as a financial investment, Gjensidige said.

Arctic Securities and Pareto Securities were book runners on the sale.

As of Jan. 18, US$1 was equivalent to 8.45 Norwegian kroner.