The Board of Directors of Landsbankinn hf. and the Board of Directors of Sparisjóður Norðurlands have, on 30 June 2015, approved a merger schedule for the two companies.
A merger is subject to a legal process which takes four weeks at a minimum, commencing with a formal advertisement.
Subject to the approval of the relevant supervisory authorities and the approval of a meeting of Sparisjóður Norðurlands’ guarantee capital holders the merger of the companies will be effected in August. Upon the merger, all assets and obligations of the savings bank will be consolidated with those of Landsbankinn and Landsbankinn will take over operation of all of the savings bank's service points. On 9 June, uncertainties regarding the savings bank's future prompted the Board of Directors of Sparisjóður Norðurlands to approach Landsbankinn to gauge interest in the merger.
For further information contact:
Kristján Kristjánsson, pr@landsbankinn.is, +354 410 4011/+354 899 9352