The Íslandsbanki Board of Directors has decided to initiate a formal sales process of the Bank’s holding in Borgun. The process will be open and transparent. Consultancy firm Corestar Partners and Íslandsbanki Corporate Finance have been entrusted to act as the Bank’s advisors.
The sale process
The sale process will be open to all interested investors that satisfy the financial strength conditions and can demonstrate that they have the experience and expertise required for participation.
Interested investors are invited to contact the Bank’s advisors. Interested investors must sign a confidentiality statement, and must submit the documents and information necessary to satisfy the requirements for the sale process, in consultation with the advisors. However, the seller reserves the right to restrict access to the sales process; e.g., in cases where there are regulatory restrictions (due to competition rules, for instance) on an investor’s eligibility to acquire a controlling stake in the company. Furthermore, it should be noted that the Financial Supervisory Authority must approve the investor’s acquisition of a qualifying holding in a company in the acquiring and card issuance sector in Iceland.
Further information on the sales process can be obtained from Íslandsbanki Corporate Finance (borgunsalesprocess@islandsbanki.is), or Corestar Partners (mbartik@corestarpartners.com).
For further information can be obtained from:
Media Relations – Edda Hermannsdottir, edda.hermannsdottir@islandsbanki.is and tel: +354 844 4005