Today the board of directors of Kvika banki approved that Kvika would send a request to the board of directors of Íslandsbanki to commence discussions on the merger of the two companies.
Kvika’s board of directors believes that merging the companies would create a strong financial institution with an optimal revenue combination. The merged company could provide its customers with diversified services and would contribute to increased competition in the financial market through fintech and other solutions, as well as being an interesting investment opportunity.
At the current stage it is not deemed timely to decide which company would be the acquiring entity, or to what extent, the companies’ subsidiaries would merge, all of which would depend on a comprehensive assessment of commercial, tax and competition matters which would be performed if formal discussion commence.
The board expects to receive a response from the board of directors of Íslandsbanki in the coming days.
Please note that this notice is a disclosure of inside information per article 17 of regulation (EU) No 596/2014 on market abuse (“MAR”), which is implemented into Icelandic law with the act on measures against market abuse No 60/2021.