Kvika banki hf. (ICSE:KVIKA) commences share repurchases on June 26, 2023, under the program mandated by the shareholders in the Annual General Meeting held on March 30, 2023. As per the mandate, the company is authorized to repurchase up to 10% of its issued share capital. The purpose of the program is to establish a formal buyback program, expand or reinforce market making in the company?s shares, so that the company may own 10% of its issued share capital and to set out, in a transparent manner, how the company is authorized to distribute funds to shareholders. The program is subject to approval from the Financial Supervisory Authority of the Central Bank of Iceland. The authority shall remain valid until the company?s next Annual General Meeting in 2024.

On June 23, 2023, the company announces a share repurchase program. Under the program, the company will repurchase up to ISK 1,000 million worth of its shares. The shares will be purchased at a price not higher than the amount of the last independent transaction or highest existing purchase bid on Nasdaq Iceland Stock Exchange. The purpose of the program is to reduce company's issued share capital. The repurchases will commence from June 26, 2023, and the program will be valid till the next Annual General Meeting in 2024, or until the repurchase of ISK 1,000 million is completed, whichever is earlier.