Brief: Board of Directors of Kvika Banki and TM HF To Commence Discussions On Merger Of Cos

Kvika banki

28/09/2020 23:34

Sept 28 (Reuters) - Kvika banki hf  KVIKA.IC :
    * REG-KVIKA BANKI HF.: DISCUSSIONS ON THE MERGER OF KVIKA
BANKI
HF. AND TM HF.
    * DISCUSSIONS ARE BASED ON PREMISES THAT TM WILL BECOME
KVIKA
BANKI'S SUBSIDIARY
    * ALSO EXPECTED THAT TM'S SHAREHOLDERS WILL RECEIVE A 55%
SHARE IN
MERGED COMPANY IN RETURN FOR THEIR SHARES IN TM
    * BOARD OF DIRECTORS OF TWO COMPANIES BELIEVE THAT SYNERGIES
IN
EXCESS OF ISK ONE BILLION A YEAR
    * LARGEST PART OF SYNERGIES WILL RESULT FROM LOWER FUNDING
COSTS
    * DISCUSSIONS WILL TAKE PLACE IN COMING WEEKS

Source text for Eikon:  ID:nGNE99KvQT 
Further company coverage:  KVIKA.IC 

 ((Reuters.Briefs@thomsonreuters.com;))