On 19 April, Kvika announced its sale of shareholding in Korta hf. to the UK based fintech company Rapyd, subject to the approval of the Financial Supervison of the Central Bank of Iceland. As the approval has now been granted, the sale has been completed.
The purchase price will be paid in cash. Part of the payment is based on Korta's operations this year and the full price will, thus, not be known until early next year. Kvika currently estimates that the purchase price for the bank's shares will be equivalent to its book value at the end of last year and will therefore not have an impact on this year's earnings.