Islandsbanki goes to Glitnir’s foreign creditors

glitnirAn agreement has been reached that will put Islandsbanki 95 percent in the hands of Glitnir’s foreign creditors. Morgunbladid reports that the decision will be presented at a press conference later today. The Icelandic state will retain a five percent stake in the bank and will have one representative on the board of directors, according to the paper.

The report states that among the new owners will be banks from Japan, the UK and Germany. This stakeholder decision will ensure that the State’s capital contribution will be much lower than previously predicted and could allow ISK 40 billion of the state’s invested ISK 65 billion to run back to the treasury.

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