Islandsbanki enters early merger discussions with Kvika banki
10/02/2023 10:01
COPENHAGEN, Feb 10 (Reuters) - Icelandic bank
Islandsbanki ISB.IC has entered preliminary discussions with
smaller lender Kvika banki KVIKA.IC on a potential merger, it
said in a statement late on Thursday.
"The board of directors believes that a combination of the
two companies could offer opportunities for increased
operational efficiency and value creation," Islandsbanki said
without disclosing any financial details.
Islandsbanki, among the country's three largest banks, said
a merger would increase its balance sheet by close to 20%.
Such a deal would be subject to regulatory and shareholder
approval.
Kvika banki proposed the merger last week.
(Reporting by Nikolaj Skydsgaard
Editing by David Goodman
)
((Nikolaj.Skydsgaard@thomsonreuters.com;))