Brief: Arion Banki: Board Of Unit Decides On Company Reorganisation

Arion banki hf

30/12/2019 15:44

Dec 30 (Reuters) - Arion banki hf  ARION.IC :
    * BOARD OF VALITOR, A SUBSIDIARY OF ARION BANK, HAS DECIDED
TO
UNDERTAKE A REORGANISATION OF COMPANY IN ORDER TO STRENGTHEN
VALITOR'S CORE BUSINESS AND TO TURN AROUND COMPANY'S LOSSES
    * COST RELATING TO CHANGES IS EXPECTED TO BE AROUND ISK 600
MILLION WHICH WILL BE REFLECTED IN ARION BANK'S Q4 FINANCIAL
RESULTS
    * EXPECTED MEASURES WILL TAKE COMPANY FROM AN OPERATING LOSS
TO AN
EBITDA PROFIT
    * ORGANIZATIONAL CHANGES WILL SIGNIFICANTLY REDUCE CO'S
INVESTMENT
NEEDS AND OPERATING COSTS, WHICH WILL HAVE A POSITIVE IMPACT ON
VALITOR'S FINANCIAL RESULTS AS WELL AS ARION BANK'S

Source text for Eikon:  ID:nGNE4Nv7xn 
Further company coverage:  ARION.IC 

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