12.06.2013

Memorandum of understanding concerning the assets of Dromi

 

Memorandum of understanding concerning the commencement of discussions on the purchase and sale of the assets of Drómi hf. to ESÍ and Arion Bank hf.

The Central Bank of Iceland Holding Company ehf. (ESÍ), Drómi hf. (the asset portfolio of SPRON and Frjálsi Investment Bank), and Arion Bank hf. have signed a memorandum of understanding (MoU) concerning the commencement of discussions on the purchase and sale of the assets of Drómi hf. to ESÍ and Arion Bank hf.

Concurrent with this, discussions will take place concerning Arion Bank’s purchase of the household loan portfolio of Hilda ehf., a subsidiary of ESÍ.

In the days to come, the parties to the MoU will begin appraising the value of the assets of Drómi hf. and Hilda ehf., with the aim of reaching an agreement on the purchase and sale of the assets. It will probably be determined in the next three to six months whether or not an agreement is forthcoming.

The objectives of the discussions and the subsequent agreement, if one is reached, are to make permanent arrangements for Drómi hf. and Hilda ehf.’s household loan portfolios and conclude the winding-up proceedings for SPRON and Frjálsi, with the approval of the estates’ creditors.

 

Press release no. 21/2013
12 June 2013


This press release is a joint release from Arion Bank hf., Drómi hf., and the Central Bank of Iceland Holding Company ehf. 

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