Merger discussion between
Saga Capital and VBS
Tuesday 09. September 2008 14:58
The Boards of Directors of Saga Capital Investment Bank and VBS Investment Bank have decided to enter into formal negotiations on a possible merger between the banks.
The goal is to finish the negotiations in the course of next weeks and submit a merger schedule before a shareholders‘ meeting for approval, as soon as possible.
Combined, Saga Capital and VBS, would become one of the leading Investment bank in Iceland, with more than 70 employees, very diverse pillars of income and a strong equity position. The merged bank would have equity of 16.5 ISK billions and 31% CAD ratio.
The merger is subject to the approval of the Icelandic Financial Supervisory Authority and the Icelandic Competition Authority.