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Arion banki completes acquisition of Icelandic insurer from BankNordik

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Arion banki completes acquisition of Icelandic insurer from BankNordik

Arion banki hfacquired the entireshare capital of Icelandic insurance company Vørður from for 5.3 billionIcelandic kronur before transaction costs and taxes.

Faroe Islands-based BankNordik expects to pay out 100million Danish kroner from the sale to shareholders, subject to approval at the2017 annual general meeting.

Helgi Bjarnason, Ásta Gudjónsdóttir, Gudný Benediktsdóttir,Marinó Örn Tryggvason and Thorvardur Sæmundsson were elected as new members ofVørður's board of directors, with Bjarnason to serve as chairman.

As of Oct. 4, US$1 wasequivalent to 6.67 Danish kroner and 114.05 Icelandic kronur.