BankNordik reaches milestone in refocusing strategy


BankNordik is pleased to announce that the sale of 100% of the shares in Icelandic insurance group Vørður to Arion Banki has been completed today. The total consideration for the shares in Vørður amounted to ISK 5.3bn before transaction costs and taxes.

An amount equal to DKK 100m related to the sale of Vørður is expected to be proposed paid-out to the shareholders at BankNordik’s 2017 Annual General Meeting.

“We are now close to meeting our strategic and organisational objectives; we have concentrated skills at fewer locations, and our redefined focus on the personal banking market is currently materialising in a series of new customer-oriented initiatives,” said BankNordik CEO, Árni Ellefsen.

“The sale of Vørður is an important milestone in our efforts to refocus BankNordik towards its core strategic business areas. As the execution of the strategic changeover is close to finalised, the BankNordik Group is now set on meeting the long-term financial objectives by strengthening our position within relationship banking throughout all markets and deliver moderate growth going forward.” said Chairman, Stine Bosse.

 

Further information:

Árni Ellefsen, CEO, tel. (+298) 230 348

BankNordik has banking activities in the Faroe Islands, Denmark and Greenland and insurance activities in the Faroe Islands. Founded in the Faroe Islands more than a century ago, the Group has total assets of DKK 16.4bn and 464 employees. The Bank is subject to the supervision of the Danish Financial Supervisory Authority and is listed on Nasdaq Iceland and Nasdaq Copenhagen. www.banknordik.com