FRANKFURT, Jan 18 (Reuters) - Failed Icelandic bank Kaupthing is moving ahead with preparations for a stock market listing of domestic arm Arion, people close to the matter said.
Kaupthing - now a holding company - has mandated Swedish investment bank Carnegie to act as global coordinator for Arion’s initial public offering together with Citi and Morgan Stanley, the sources said.
Other banks, including Deutsche Bank, have secured roles as bookrunners that will help with the share sale, which may take place as early as April, they said.
Citi and Morgan Stanley were asked in 2016 to do initial preparatory work for the IPO, which could mark a step towards Iceland’s rehabilitation in the global financial system almost a decade after its banking sector collapsed. Iceland became the first western European country in more than three decades to be bailed out by the International Monetary Fund.
The banks declined to comment or were not available for immediate comment. (Reporting by Arno Schuetze; additional reporting by Anna Ringstrom in Stockholm; editing by Jason Neely)