Íslandsbanki hires Corestar Partners as advisor
Íslandsbanki has engaged international consulting firm Corestar Partners along with the Bank´s own corporate finance team in connection with a formulation of the Bank´s strategy for its holding in Borgun, a payment services company. Corestar Partners is a specialised provider of corporate finance advice in the payment services sector, with operations in Switzerland and Germany. Should this work lead to a decision by the Bank to sell its holding in Borgun, the sale would be conducted in an open and transparent process.
Íslandsbanki owns a 63.5% stake in Borgun, which is classified as a subsidiary of the Bank. Borgun’s total operating income totalled ISK 4.7bn in 2015, and its profit for the year amounted to ISK 1.5bn. This is equivalent to about 10% of the Bank’s total operating income and just over 7% of its profit for that period.