On Monday 20 March, Arion Bank asked the Bank’s new shareholders, who were announced in a press release on 19 March, to provide the Bank with information on their ownership structures as required by the Icelandic Financial Undertakings Act.
According to Article 19 of the Financial Undertakings Act the Bank shall specify on its website the names and proportional holding of all parties owning more than 1% of share capital in the Bank. The law also states that if a legal entity owns more than 1% of share capital the person or persons who are beneficial owners of the legal entity must also be disclosed. Beneficial owner means a person or persons whose direct or indirect holding in the company amounts to 10% or more of its share capital, guarantee capital or voting rights, or other involvement which enables that person or those persons to have a significant impact on the management of the company in question.
Arion Bank’s request to the new shareholders can be seen here.
Today, 23 March 2017, Arion Bank has updated the information on its ownership structure on the Bank’s website to incorporate information from the Register of Limited Companies and the answers provided by the new shareholders.
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