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Iceland looking to begin sale process of Íslandsbanki in coming weeks

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Iceland looking to begin sale process of Íslandsbanki in coming weeks

Icelandic Finance Minister Bjarni Benediktsson said he was hopeful that the government's potential sale of local lender Íslandsbanki hf. will begin in the next few weeks, Iceland Review reported, citing public broadcaster RÚV.

Benediktsson said the Icelandic State Financial Investments, or ISFI, has to initiate the sale process, the report said, adding that the ISFI's chairman, Lárus Blöndal, confirmed it is ready to submit a proposal for the sale to the country's parliament and is only waiting for the appropriate time to do so.

The ISFI owns 99.90% of Íslandsbanki, according to S&P Global Market Intelligence data.