The Bank has received the preliminary findings from the Financial Supervisory Authority of the Central Bank of Iceland (FSA)’s inspection into the execution of the offering by the Icelandic State of a 22.5% stake in the share capital of Íslandsbanki (the “Bank”) that took place in March 2022 (the Offer). The findings indicate the FSA’s view that the Bank may have violated certain laws and regulations applicable to the Bank’s operations.
The FSA findings refer to the FSA‘s powers to impose administrative fines and to conclude cases with a settlement. The FSA has agreed, at the Bank’s request, to enter into settlement proceedings.
The management of the Bank takes the FSA findings seriously. The Bank expects to submit a response to the FSA‘s findings in the coming weeks. The Bank has already made changes to its rules and procedures following the Offer and will, subject to the outcome of its internal review and discussions with the FSA, continue to implement appropriate measures.
For the purposes of Market Abuse Regulation (EU) 596/2014 and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is made by Jón Guðni Ómarsson, Chief Financial Officer at Íslandsbanki hf.
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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. The Bank’s shares are listed on Nasdaq Iceland Main Market.
This press release may contain “forward-looking statements,” involving uncertainty and risks that could cause actual results to differ materially from results expressed or implied by the statements. Íslandsbanki hf. undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. It is the investor's responsibility to not place undue reliance on these forward-looking statements which only reflect the date of this press release. Forward-looking statements should not be considered as guarantees or predictions of future events and all forward-looking statements are qualified in their entirety by this cautionary statement.