Comment on the media coverage about Glitnir’s shareholdings in Islandsbanki:
The Winding up Board of Glitnir (the "WuB") is committed to securing the best value for creditors of Glitnir, and asset realization has been a key part of the strategy. At the time Glitnir acquired its 95% shareholding in Islandsbanki at the end of 2009, it was publicly stated that the shareholding would be for sale in the future , with the sales process expected to take 3 to 5 years. Since then, Islandsbanki has been successful in its operations during the turbulent aftermath of the banking crisis in Iceland, and is a highly respected and professional domestic bank in Iceland.
On 13 February 2013, Icelandic media reported that Glitnir had received an offer from a group of investors to buy its interest in Islandsbanki. In response to these reports, the Winding up Board of Glitnir has confirmed that talks have commenced between the WuB and a group of investors, with the Enterprise fund of Iceland (owned by Icelandic pension funds) as the lead investor, who are interested in acquiring the shareholding in Islandsbanki. The main shareholders of MP Bank are also represented in this group and MP Bank is also advising the investor group.
Talks are at an early stage, but have been reported to relevant authorities and representatives of Glitnir´s creditors . At this early stage, it is not possible to confirm whether the approach will lead to a transaction, or the price at which any transaction for Islandsbanki shareholding may be carried out.
Glitnir will not make any further comments on the details of the talks at this point.