Arion banki hf. commences an Equity Buyback Plan for 10% of its issued share capital, under the authorization approved on March 13, 2024.
April 15, 2024 at 09:15 am EDT
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Arion banki hf. (ICSE:ARION) commences share repurchases on April 4, 2024, under the program mandated by the shareholders in the Annual General Meeting held on March 13, 2024. As per the mandate, the company is authorized to repurchase up to 10% of its issued share capital. The program aims at outlining the Bank?s shareholder return in a transparent manner and concurrently with the Bank?s dividend policy. The repurchase of shares under this authorization is conditional upon the prior approval of the Financial Supervisory Authority of the Central Bank of Iceland. This authorization shall remain in effect until the Bank?s Annual General Meeting in 2025 or September 13, 2025, whichever occurs first. As of March 13, 2024, the company had 1,446,356,237 shares issued and outstanding.
On March 4, 2024, the company announced a repurchase program. Under the program, the company will repurchase 36,500,000 shares for the total amount of up to ISK 5,000 million. The repurchase authorization will be divided between the Icelandic and Swedish markets. Consequently, up to 365,000 SDRs may be repurchased in Sweden, corresponding to 0.02% of the current issued capital, and up to 17,885,000 shares repurchased in Iceland, corresponding to 1.22% of the Bank?s current issued capital. The total consideration for purchased SDRs shall not exceed ISK 50 million in Sweden and ISK 2,450 million for purchased shares in Iceland. On Nasdaq Iceland the purchase price shall not be higher than the price of the last independent trade or the highest current independent bid, whichever is higher, on Nasdaq Iceland. On Nasdaq Stockholm purchases may only be effected through orders within the band of prices applying on Nasdaq Stockholm. The repurchase program is valid till December 31, 2024.
Arion banki hf (the Bank) is an Iceland-based financial institution that provides individuals, corporations and institutional investors with banking services. The Bank reports six operating segments: Asset Management, which comprises institutional asset management, private banking, investment services and pension fund administration; Corporate Banking that provides a full range of lending products, deposit accounts, payment solutions and value-added electronic corporate solutions; Investment Banking, which includes such services as buying and selling of companies, advice on financial decisions undertaken by companies and investors, as well as buying and selling of securities; Retail Banking that provides such services as deposits and loans, savings, payment cards, pension savings, insurance, securities and funds; Treasury that is responsible for the Bankâs liquidity, currency and interest rate management, and Subsidiaries and other divisions, including Valitor Holding hf, among others.
ARION BANKI HF. 
