Announcement from Íslandsbanki and Kvika on the status of merger discussions

Kvika banki

03/05/2023 18:40

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230503:nGNE3mCdzN&default-theme=true


Merger discussions between Íslandsbanki hf. and Kvika banki hf. are
proceeding. As has been reported previously, discussions began in February,
following approval by the board of directors of both companies. The companies'
boards believe that the merger can bring significant benefits to shareholders
and customers of both.

The project is large in scale, and both parties have appointed foreign
financial advisors and domestic legal advisors. The companies and advisors are
currently assessing the synergies to be gained from the merger, as well as
assessing the position of the merged company in the market. During Q2 the
financial advisors will submit their analysis on the proposed merger,
following which the companies will make decisions on the next steps in the
process.

The premises for the discussions and its execution have been reported to the
Competition Authority, and the parties aim to make the most of
pre-notification discussions with the Competition Authority in accordance with
recent rules to this effect, alongside other workstreams in the discussions