Ministry Confirms International Joint Bookrunners for Upcoming Íslandsbanki Share Offering

Yesterday, Alþingi approved amendments to the Act on the Disposition of the State’s Holding in Íslandsbanki hf. The offering is scheduled to take place during the first half of the year through a fully-marketed offering, with individuals given priority access. The legislative framework, established last year for the sale of the state’s remaining shares, ensures that due consideration is given to objectivity, efficiency, equality, and transparency. Particular emphasis is placed on ensuring that the entire process earns and maintains public trust.

On 30 April, the Ministry of Finance and Economic Affairs solicited expressions of interest from parties to assist with the share sale, with the application deadline on 2 May. The project attracted strong interest, particularly from international parties.

Following this process, the Ministry has decided to enter into agreements with four international firms to manage the sale of shares in the upcoming offering as joint bookrunners. The domestic firms that will take part in the offering will be announced shortly. The appointed international firms are ABN AMRO Bank N.V. (in cooperation with ODDO BHF SCA.), Arctic Securities AS, JP Morgan SE and UBS Europe SE.

As previously announced Barclays Bank Ireland PLC, and Citigroup Global Markets Europe AG and Kvika banki hf. have been mandated to act as joint global co-ordinators and joint bookrunners to plan and oversee the offering, as well as manage the order books.

All selected parties are licensed to place offerings of financial instruments without underwriting, in accordance with Icelandic financial market legislation. They will operate under the terms of the offering structure and will receive a sales commission amounting to 0.75% of the value of the shares they place.