Kvika banki and Islandsbanki commence merger discussions

9 February 2023

The Boards of Kvika and Islandsbanki have formally agreed to commence discussions on the merger of the two banks.

Kvika believes that merging the two banks would create a strong financial institution with an optimal revenue combination. The merged bank could provide its customers with diversified services and would contribute to increased competition in the financial market through fintech and other solutions, as well as being an interesting investment opportunity.

At the current stage it is not deemed timely to decide which company would be the acquiring entity, or to what extent, the companies’ subsidiaries would merge, all of which would depend on a comprehensive assessment of commercial, tax and competition matters.