UPDATE 1-DnB NOR eyes govt financing talks before summer

* CEO says any deal must protect existing shareholders

* May seek 12-13 bln crowns in state financing

* Could raise core capital to target without state help

* Repeats guidance on 2009 loan losses, 2010 profit

* Shares down 1.8 pct, in line with Oslo bourse

(Adds details, quotes)

OSLO, April 20 (Reuters) - Norway's largest bank, DnB NOR DNBNOR.OL, might tap around 13 billion crowns ($1.9 billion) in state financing, but only if the terms are attractive and existing shareholders are not penalised.

Chief Executive Rune Bjerke said on Monday the bank was ready to begin talks with a government finance fund before the summer, repeating that his bank did not plan to issue any new common shares.

"We are willing to see if we can find a win-win solution... We have to make sure it has no dilutive effect... We are positive," Bjerke told a briefing for foreign journalists.

Most other big Nordic banks have already accessed state financing to ward off the effects of the global economic crisis. Although Norway's economy is better off than most, DnB NOR is being hit by its exposure to the cyclical shipping sector as well as operations in the recession-hit Baltic states.

Bjerke said DnB NOR would consider tapping funds from the state "as preference shares without hurting existing shareholders or making interference in daily operations".

He DnB NOR still planned to raise its core capital ratio to 8 percent by the end of 2010 from a little below 7 percent now.

The bank would meet that target by the end of next year even without government help, and "that seems to be a quite robust strategy so far."

But if the financing terms were "sufficiently attractive", DnB NOR would use the state aid to help it reach the target. Bjerke said a one percentage point boost to the capital ratio was equivalent to some 12-13 billion crowns.

"If we want to achieve 8 percent in one week instead of over time, because we find these instruments satisfactory (then state financing may be some) 12-13 billion -- it might be lower, it might be higher. Take this as an illustration," he said.

Bjerke maintained DnB NOR's guidance for 2009 loan losses of 8-10 billion crowns ($1.2-1.5 billion) and for pretax profit before writedowns of 20 billion crowns in 2010.

Shares in DnB NOR, which are up about 170 percent since January, were down 1.8 percent at 40.35 crowns at 0949 GMT, against a 1.75 percent fall in Oslo stocks .OSEBX. (Reporting by Aasa Christine Stoltz, writing by Wojciech Moskwa; editing by John Stonestreet) ($1=6.764 Norwegian Crown)