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Arion Bank: Share buyback program expanded in Iceland and Sweden

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Reference is made to the Bank’s announcement concerning the Bank’s share buyback program in Iceland and Sweden published on 31 October 2019 and the change to the program published on 9 January 2020.  

The Board of Directors of Arion Bank has approved a revised buyback program on the basis of the authorization provided at the Bank's AGM on 20 March 2019 and the approval given by the Financial Supervisory Authority/Central Bank of Iceland on 23 January 2020.  The revised share buyback program authorizes the Bank to buy a maximum of 100,000,000 shares/SDRs, corresponding to 5.5% of issued shares in the Bank, for up to ISK 8 billion at market value.  The revised program represents an increase of up to 41 million shares/SDRs, corresponding to 2.3% of issued shares in the Bank, for up to ISK 3.5 billion at market value, in the Bank’s authorization to buy back shares. When the share buyback program was issued on 31 October 2019 the Bank was authorized to buy up to 59 million shares/SDRs for up to ISK 4.5 billion at market value.

The Bank is authorized to buy up to 17,000,000 SDRs in Sweden, corresponding to 0.9% of issued shares, and up to 83,000,000 shares in Iceland, corresponding to 4.6% of issued shares. The total consideration for purchased SDRs shall not exceed ISK 1,360,000,000 in Sweden and ISK 6,640,000,000 for purchased shares in Iceland (a total of ISK 8.0 billion). The Bank currently owns 55,225,289 own shares.

The program will continue to be managed by Kvika Bank hf. in Iceland and Nordea Bank Abp in Sweden and the managers will each act and make trading decisions independently and without being influenced by the Bank with regards to the timing of purchases. The duration and purpose of the share buyback program remain unchanged.

The program will be carried out in accordance with applicable laws and regulations in Iceland and Sweden, including Regulation No. 596/2014 of the European Parliament and of the Council on market abuse (“MAR”), Icelandic acts on limited liability companies, No. 2/1995 and on securities transactions, No. 108/2007, and Icelandic regulation on insider information and market manipulation, No. 630/2005.

For further information please contact Theodor Fridbertsson, head of Arion Bank’s Investor Relations at ir@arionbanki.is, (+ 354) 856 6760.

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