Búnadarbanki Íslands hf. and Landsbanki
Íslands hf. have signed a final agreement on the transfer of ownership of
Bunadarbanki International S.A. (Luxembourg) to Landsbanki. The main reason for
the sale on behalf of Búnadarbanki was that the operations of Bunadarbanki
International S.A. (Luxembourg) and Kaupthing in Luxembourg are the same.
Opportunities for increased efficiency lay therefore mostly in lowering costs
through reductions in staff.
Landsbanki’s objective was to increase its
operations abroad including in the fields of asset management and private
banking. Luxembourg is one of the locations Landsbanki has considered in that
The parties have concluded after a joint
study of the operations, economic situation and assets under management to
lower the purchase price. The total acquisition price now amounts to just over
15.3 million Euros. Furthermore, it has been agreed that the CEO of
Bunadarbanki International S.A. retire from his post and Mr. Tryggvi Tryggvason
take his place.
Mr. Tryggvason has worked for Landsbanki for
approximately five years, most recently as Deputy Managing Director of the
International Division. Prior to joining Landsbanki, he was the CEO of
Kaupthing Nordurlands hf. in Iceland. Mr. Tryggvason has a business degree from
the University of Iceland and a Masters degree from Strathclyde University in
Further information is
available from :
Sólon R. Sigurðsson, CEO
of Búnaðarbanki Íslands hf., tel. + 354 525 6108
Halldór J. Kristjánsson and Sigurjón Th.
Árnason, Group Managing Directors & CEOs of Landsbanki tel:00-354-5606110