Glitnir in talks with international investors on Islandsbanki
The Winding-up Board (the „WuB“) is committed to maximizing value for creditors of Glitnir, and asset monetisation (including a potential sale of Glitnir‘s controlling stake in Islandsbanki) is a key component of the declared strategy in achieving this goal. For further information see the 13 February 2013 announcement.
In view of recent media reports, the WuB confirms that it is in preliminary discussions with international investors in relation to Glitnir‘s controlling stake in Islandsbanki. The WuB and its advisors have had discussions with potential buyers on a broad basis, including the Nordic region, the Americas and Asia. A number of these discussions, including but not limited to, potential investors from Asia, are ongoing and confidential.
These discussions may or may not lead to a formal offer for the stake. Given the sensitive nature of them, no further information can be provided at this point.
The WuB also confirms that the preliminary discussions about a possible sale of its controlling stake in Islandsbanki to a group of investors led by the Enterprise Fund of Iceland, announced on 13 February 2013, have not been continued.
Since 2009, Islandsbanki has successfully navigated the turbulent aftermath of the Icelandic banking crisis becoming one of the country‘s leading retail banks. Euromoney Magazine recognized Islandsbanki as the „Best Bank“ in Iceland at its annual Awards For Excellence, praising the bank‘s increase in its deposit base last year, its healthy loan-to-deposit ratio and its drive to increase funding diversification.