Published: 2002-06-14 10:20:36 CEST
Landsbanki - Company Announcement
Landsbanki Íslands, Announcement

An important milestone in the ongoing privatisation of Landsbanki Íslands hf.
was passed this morning when the Government successfully sold 20% of the total
share capital of the Bank.  All the offered shares were sold to domestic
investors within an hour. 

The 20% stake was previously held by the State.  The Government’s holdings have
now been reduced to 48.29%.  This offering is one of the largest privatisation
projects undertaken by the Executive Committee on Privatisation and the largest
privatisation public offering in Iceland to date. 

At this juncture of the privatisation process, a nominal amount of ISK
1,369,140,724 was offered at the price of ISK 3.50 per share, representing a
total market value of ISK 4,791,992,534.  Landsbanki Íslands acted as the
Offering and Subscription Co-ordinator for the offering. 

The successful offering of Landsbanki shares underscores the public confidence
in Landsbanki as one of the leading domestic banks and is an important
milestone in the Government’s commitment to fully privatise Landsbanki. 

For further information, please contact:

Gunnar T. Andersen
Managing Director & Head of Division
International Banking & Treasury
Tel: +354 560 6440


Sigurdur Erlingsson
Deputy Managing Director
Tel: +354 560 3126