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Pension funds might buy one of the largest banks in Iceland

Islandsbanki, one of the three largest banks in Iceland Islandsbanki, one of the three largest banks in Iceland

Icelandic pension funds are likely to buy Islandsbanki, one of the three largest banks in Iceland. Informal discussions have been taking place between investors and the winding up board of the defaulted bank Glitnir, who own most of Islandsbanki. 

MP Bank, a small Icelandic bank, is interested in buying a share as well. The pension funds will likely buy a large share through their mutual investing fund, but neither MP Bank nor the pension funds will comment on the matter. A local newspaper (visir.is) said that they have a source who gave this information.

Mr. Haflidi Helgason, public relations officer of the mutual fund, says that since the fund was founded in 2009 it has helped with the recovery and restructuring of many key companies in Iceland. Behind the fund are 16 public pension funds. "The fund has looked to the financial sector where it is clear that current ownership does not serve the long term interests of the society and job sector", he says.

Mr. Helgason says that the future arrangement and ownership of the financial sector is a big welfare issue for the nation and it is important that the situation is improved, and the fund has thought about helping with that. "These ideas are still preliminary and not wise to say any more about that at this time", he said.

The Icelandic government owns 5% of the shares in Islandsbanki, but the winding up board of Glitnir owns 95%. Foreign creditors of Glitnir bank own most of the outstanding shares in Glitnir, and through Glitnir they own Islandsbanki.

 

Source: 

http://visir.is/lifeyrissjodirnir-ad-baki-fyrirhugudum-kaupum-a-islandsbanka/article/2013130219607

 

Last modified on Thursday, 14 February 2013 00:31

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