Arion Bank acquires insurance company Vördur

Arion Bank has acquired 100% of the share capital in the insurance company Vördur. Last October Arion Bank and BankNordik reached an agreement on Arion Bank’s acquisition of the insurance company from BankNordik. The agreement was subject to certain conditions, including the approval of the regulatory authorities. All conditions stipulated in the agreement have now been met.

A new board of directors has now been elected at Vördur. They are Helgi Bjarnason, chairman, Ásta Gudjónsdóttir, Gudný Benediktsdóttir, Marinó Örn Tryggvason and Thorvardur Sæmundsson.

Höskuldur H. Ólafsson, CEO of Arion Bank:

“We are pleased that the acquisition has now been completed even if it took longer than expected to meet all the conditions of the agreement. Being able to offer our customers a full range of financial services is an integral part of our strategy, and the acquisition of Vördur adds non-life insurance to our diverse palette of products and services. Vördur is a dynamic company with a strong brand name on the Icelandic insurance market and we look forward to seeing the company continue to develop.”