BankNordik P/F
BankNordik to launch sales process for the bank’s shares in the Icelandic insurance group Vørður

BankNordik P/F 

22.06.2015 17:21

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BankNordik intends to strengthen its strategic focus and reduce its geographic
span. 

'BankNordik increases its focus on dividend payments to the shareholders by
improving the profitability and free capital from non-strategic business areas.
Amongst others a process for the sale of the bank's Icelandic insurance
companies is, therefore, being initiated' says Janus Petersen, CEO. 

Vørður Tryggingar hf. and Vørður Líftryggingar hf. are well managed companies
undergoing a positive development, and the bank will of course optimize both
prize and terms. BankNordik has mandated Icora Partners, www.icorapartners.com,
to manage the sales process and the contact to potential buyers on behalf of
BankNordik. 

Due to restrictions valid until the end of June 2017 on the sale of 49% of
BankNordik's shares in Vørður Tryggingar hf. and Vørður Líftryggingar hf., a
sale of this minority stake most likely will be postponed to such later point
in time. 

Following a full sale at booked value it is expected that BankNordik's group
solvency, calculated in accordance with the coming CRD IV regulations,
increases by 0.9 percentage points and by 0.6 percentage points if only a
majority stake of 51% is sold at book value. Following the completion of a sale
of the 51% of the shares at book value BankNordik's group core capital will
increased by DKK 76.3m. 

It is the intention of BankNordik's board of directors that an amount
corresponding to the increase in the bank's group core equity related to the
sale is to be paid as dividend to the shareholders. 



Contact:

Janus Petersen, CEO, tel. (+298) 330 340



BankNordik has banking activities in Denmark, Greenland and the Faroe Islands
and insurance activities in the Faroe Islands and Iceland. Founded in the Faroe
Islands more than a century ago, the Group has 170,000 customers, total assets
of DKK 16bn and approximately 480 employees. The Bank is subject to the
supervision of the Danish Financial Supervisory Authority and is listed on
NASDAQ OMX. www.banknordik.dk. 

Disclaimer. Certain statements made in this announcement are forward looking
statements. Any statements other than statements of historical fact, including
without limitation those regarding BankNordik's financial condition, future
operating performance, business strategy, management plans and objectives for
future operations prospects for the group are forward looking statements. Such
statements are based on current expectations and are subject to a number of
risks and uncertainties that could cause actual results and performance to
differ materially from any expected future results or performance, express or
implied, by the forward looking statements. Factors that might cause forward
looking statements to differ materially from actual results include, among
other things, general economic and business factors, competition, and interest
rate and currency fluctuations. These statements may not be regarded as a
representation that anticipated events will occur or that expected objectives
will be achieved. The information presented herein speaks only as of today's
date and BankNordik assume no responsibility to update any of the forward
looking statements contained herein.
News Source: NASDAQ OMX



22.06.2015 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

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Language:     English
Company:      BankNordik P/F
              
               
              Faeroe Islands
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         FO0000000088
WKN:          
 
End of Announcement                             DGAP News-Service
 
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