16. October 2015

Kvika's holding in Íslensk verðbréf sold

Kvika subsidiary Íslensk eignastýring ehf. has sold virtually its entire stake in Íslensk verðbréf (IV). The buyer is a diversified group of investors and key IV employees, and the purchase price is confidential. Íslensk eignastýring owns a 9.99% holding with a selling option that it plans to exercise in the near future.

Kvika's mainstay is its strong asset management. The Bank provides its depositors with comprehensive financial services under the aegis of its asset management division. Kvika Asset Management has been highly successful in the recent past, with strong growth in assets under management, irrespective of the Bank's stake in IV. A large number of institutional investors have selected Kvika Asset Management as their financial services provider. Kvika Asset Management was recently recognised by World Finance magazine for the second year in a row for its outstanding performance in asset management.

In the coming term, Kvika will emphasise internal growth, with continued development of its asset management services. The sale of the stake in IV is compatible with this policy.

There will be no changes in Kvika's activities as a result of the sale, as no operational integration had taken place between Kvika and IV.