Íslandsbanki and Byr to merge

13.07.2011

Following the sale process of Byr hf. the Board of Directors of Byr hf. has decided to negotiate with Íslandsbanki on new share issuance. The two companies have signed an agreement to that effect.

According to the agreement the winding up board of Byr Savings hf. and the Ministry of Finance will sell all its shares in Byr hf. ("Byr") to Íslandsbanki. The operations of Íslandsbanki and Byr will then be merged under the name of Íslandsbanki. The agreement is subject to approval by both the Competition and the Financial Supervision Authorities.

In the coming weeks, the managements of both Byr and Íslandsbanki will start preparing the merger process. The intention is to balance the interests and views of the major stakeholders, i.e. customers, employees, owners and Supervisory Authorities.

It is the view of the respective management teams that the merger will increase efficiency in the Icelandic banking sector and that a merged bank will be well equipped to provide its customers with professional and personal services. The bank will have the most efficient branch network in Iceland along with a strong capital ratio, which will be well above the 16% minimum required by the FSA.

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