The Icelandic Competition Authority has approved the purchase by Landsbankinn of all share capital in TM tryggingar hf., with a condition set out in a settlement between the Bank and the Authority. Under the terms of the settlement, Landsbankinn agrees that special terms on insurance from TM will not be contingent upon a customer’s wages being paid to an account with the Bank. The condition of the purchase agreement for regulatory approval has thereby been satisfied. The Bank expects to assume ownership of TM following settlement with Kvika Bank hf. on 28 February 2025.
The purchase price, as provided for in the purchase agreement signed in May 2024, is ISK 28.6 billion and is based on the balance sheet of TM as at the beginning of 2024. The final purchase price is subject to a closing adjustment based on changes to the tangible equity capital of TM from the beginning of 2024 to the delivery date.
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