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Búnaðarbanki Íslands and Landsbanki Íslands - Announcement   22.5.2003 10:05:01
News categories: Corporate news      Íslenska  English

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 regard.


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 Scotland.


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