Global law firm White & Case LLP has advised Islandsbanki hf. (Islandsbanki) as issuer, and Icelandic State Financial Investments (ISFI) on behalf of the Icelandic state as selling shareholder, on Islandsbanki's privatization via an initial public offering (IPO) on Nasdaq Iceland.
The total value of the offering amounted to US$457 million and Islandsbanki's market capitalisation was approximately US$1.3 billion – making it the largest IPO in the history of Iceland.
The Islandsbanki float is the second major IPO of an Icelandic financial institution on which White & Case has advised, having previously advised Arion Banki hf. on its dual listing on Nasdaq Iceland and Nasdaq Stockholm.
Iceland headquartered Islandsbanki is a customer-centric universal bank with market shares in Iceland in excess of 30 percent in the personal banking, business banking and corporate & investment banking sectors.
The White & Case team in London which advised on the transaction was co-led by partners Inigo Esteve and Laura Sizemore, and included associates Bob Lehner and Samuel Curme.
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