March 19 Iceland's Arion Bank said
Kaupskil ehf, a unit of Kaupthing, has agreed to sell
582.9 million shares of Arion Bank for more than 48.8 billion
kronas ($450.7 million).
Arion said the private placement reduces Kaupthing's stake
to 57.9 percent of Arion's issued share capital.
Proceeds from the transaction will be used for prepaying the
84 billion kronas secured note held by the Icelandic Treasury,
the company said. bit.ly/2mYyXpP
Iceland's government had confirmed its plans last month to
sell its minority stake in Arion Bank in an initial public
Kaupthing, now a holding company that owns 87 percent of
Arion Bank, has been working on plans for a stock market listing
of Arion which could take place as early as April, people close
to the matter told Reuters in January.
The domestic operations of Kaupthing, once a major
international bank, were separated in 2009 into Arion Bank,
which has insurance, asset management and retail banking assets.
($1 = 108.2700 Icelandic Crowns)
(Reporting by Gaurika Juneja in Bengaluru; Editing by Gopakumar