The Minister of Finance and Economic Affairs has made a formal decision to initiate the process of the sale of shares in Íslandsbanki in accordance with the ISFI (Icelandic State Financial Investments) proposal dated December 17, 2020.
The ISFI is tasked with preparing Íslandsbanki for a listing on a local regulated stock market and the consequent sale of shares in a public offering (IPO) with the aim of a distributed ownership and the minimum of 25% of shares and a maximum of 35% of shares to be sold.
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Íslandsbanki is a universal bank and a leader in financial services in Iceland with a history of 145 years of servicing key industries. The Bank has a 25-40% market share across all domestic business segments. Íslandsbanki's purpose is to move Iceland forward by empowering our customers to succeed. Driven by the vision to be #1 for service, Íslandsbanki's relationship banking business model is propelled by three business divisions that manage and build relationships with the Bank's customers. Íslandsbanki has developed a wide range of online services such as the Íslandsbanki and Kass apps, enabling customers to do their banking anywhere and anytime. At the same time, the Bank continues to operate the most efficient branch network in Iceland through its strategically located 12 branches. Íslandsbanki has a BBB/A-2 rating from S&P Global Ratings. www.islandsbanki.is
This press release may contain “forward-looking statements,” involving uncertainty and risks that could cause actual results to differ materially from results expressed or implied by the statements. Íslandsbanki hf. undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. It is the investor's responsibility to not place undue reliance on these forward-looking statements which only reflect the date of this press release. Forward-looking statements should not be considered as guarantees or predictions of future events and all forward-looking statements are qualified in their entirety by this cautionary statement.