Kvika banki hf. (“Kvika”) and Arion banki hf. (“Arion”) today signed an addendum to the parties’ letter of intent executed in July 2025.
Kvika has today submitted a request to the Financial Supervisory Authority of the Central Bank of Iceland for authorisation to repurchase additional own shares in an amount of up to ISK 631,548,500, and to reduce its share capital. The Bank also intends to complete share buybacks under the existing authorisation in the amount of ISK 1,125,207,500, which was previously announced as suspended, cf. a company announcement dated 7 July 2025. Total share buybacks will therefore amount to up to ISK 1,756,756,000. The execution of the share buybacks is subject to approval by the Financial Supervisory Authority.
Additionally, Kvika and Arion have signed an addendum to the letter of intent executed in July 2025, stipulating that Kvika’s planned share buybacks and Arion’s planned buyback of own shares, up to ISK 5 billion, will not affect the exchange ratios agreed upon in connection with the proposed merger.
The arrangement follows the implementation of the EU’s CRR III Regulation, which entails significant changes to capital requirements for financial institutions.
Preliminary discussions between Kvika and Arion with the Competition Authority are progressing well and will be continued in the new year. Further information on the progress of the discussions will be provided when appropriate and in accordance with statutory disclosure requirements.
For further information please contact Kvika‘s investor relations, ir@kvika.is.
