Íslandsbanki hf. has signed an agreement with Arion Bank hf. under which Arion Bank hf. will act as market maker for shares issued by Íslandsbanki which are listed in the trading system of Nasdaq Iceland under the ticker symbol ISB. The agreement will become effective as of 5 July 2021.
The purpose of the market making agreement is to facilitate trading in the Bank´s shares on Nasdaq Iceland in order to increase the liquidity of the Bank´s shares, create market prices and to promote efficiency and transparency of price formation of shares. The Agreement is made in accordance with Article 116 of Act no. 108/2007 on Securities Transactions.
Arion Banki hf. is committed to making daily bid and ask offers, as market maker, on Nasdaq Iceland, for shares in Íslandsbanki hf., for a minimum of ISK 225.000 in nominal value. The maximum number of shares which the market maker is obliged to buy or sell each day is 1,250,000 shares.
The maximum bid-ask spread shall not exceed 2,5% and the deviation from the last transaction price shall not exceed 3,0%. If the price of Íslandsbanki shares changes by 5% or more on the same day, the market maker is permitted to increase the bid-ask spread to 3%.
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With a history that dates from 1875, Íslandsbanki is an Icelandic universal bank with a strong customer focus. The Bank believes in moving Iceland forward by empowering its customers to succeed - reflecting a commitment to run a solid business that is a force for good in society. Driven by the ambition to be #1 for service, Íslandsbanki’s banking model is led by three business divisions that build and manage relationships with its customers. Íslandsbanki maintains a strong market share with the most efficient branch network in the country, supporting at the same time its customers’ move to more digital services. The Bank operates in a highly attractive market and, with its technically strong foundations and robust balance sheet, is well positioned for the opportunities that lie ahead. Íslandsbanki has a BBB/A-2 rating from S&P Global Ratings.