Brief: BankNordik to sell its Icelandic insurance business

Foeroya Banki P/F

09/10/2015 06:09

Oct 9(Reuters) - BankNordik P/F  BNORDIK.CO : 
    * Entered into a conditional sales agreement with Iceland's Arion Bank in respect of 51 
percent of the shares in its wholly-owned insurance business Vørur 
    * Arion Bank and BankNordik intend to issue a put and call option, enabling BankNordik to 
sell the remaining minority of shares to Arion Bank in 2017  
    * Says combined agreed price for all shares in Vørur is 37.3 million euros ($42.1 million) 
    * Expects both transactions to be recognised in the financial statements for Q4 2015 or Q1 
2016  
    * Says expects proceeds of not less than 60 million Danish crowns from the sale of the 
Vørur shares 
    * To pay an amount corresponding to the increase in the bank's core equity resulting from 
the sale as dividend to the shareholders and expects such an increase to amount to not less than 
100 million crowns  
    * Payment of dividends related put and call option may be postponed to 2017 
 
     
  
     
 Source text for Eikon:  ID:nICE61j5  
     
 Further company coverage:  BNORDIK.CO   
    
 
 
 
($1 = 0.8863 euros) 
 
 (Gdynia Newsroom) 
 ((gdynia.newsroom@thomsonreuters.com; +48 58 698 3920;))