Assets for sale

Arion Bank’s shareholdings in non-banking operations

Arion Bank’s policy is not to own shareholdings in non-banking companies any longer than necessary, and such shareholdings are therefore sold as quickly as feasibly possible. Arion Bank has thus sold its holdings in numerous companies in recent years, e.g. BG 12 (Bakkavor Group Ltd.), Klakki, Síminn, Eik, Reitir, HB Grandi, Hagar, 10-11, ÍAV, Hekla, BM Vallá, N1 and Penninn.

Several of the companies in which the Bank has shares do not have any operations. These companies are in the process of being dissolved but this can take several years. This leaves the companies listed below, in which the Bank has a share of more than 10% and intends to sell or which are already for sale. Further information on the companies listed below can be obtained by Arion Bank’s Corporate Finance division (

Valitor Holding hf. (100%)

Valitor was founded in 1983 and offers diverse solutions in payment services in Europe and has offices in Iceland, Denmark and the United Kingdom. The company has approximately 400 employees and has experienced strong growth in recent years, particularly in its international operations. The Bank is now preparing to sell its holding and has engaged Citi to advise on the sale. According to the current schedule the sale is expected to be completed by the end of 2019.

Stakksberg ehf. (100%)

Stakksberg operates a plant in Helguvík in south-west Iceland which produces 99% pure silicon (Si), and it has a production capacity of 25,000 tonnes a year. Stakksberg is taking measures to make the plant fully operational. The plant has not been operational since September 2017 when it was closed down by the Environment Agency of Iceland. A fully operational plant, with around 70 employees, is expected to open in the second half of 2020. The process of selling Stakksberg has been delayed, not least due to the complex regularly framework around operations, but the Bank is continuing to prepare the sale of the plant.

TravelCo hf. and Heimsferðir ehf.  (100%)

The Companies are tour operators based in Iceland, Denmark, Sweden, Norway and Finland. The Icelandic operation is under Heimsferðir. Arion banks policy is to sell the Companies as quickly as feasibly possible and therefore the Bank started the process of selling it’s holdings in the Companies.

Boards of Directors and Executive Committees:

TravelCo hf.:

  • Jón Karl Ólafsson, Chairman of the board
  • Hákon Hrafn Gröndal, Board member
  • Ragnhildur Sophusdóttir, Board member and Managing Director

Heimsferðir ehf.:

  • Jón Karl Ólafsson, Chairman of the board
  • Hákon Hrafn Gröndal, Board member
  • Ragnhildur Sophusdóttir, Board member
  • Tómas J. Gestsson, Managing Director
Reiknistofa bankanna hf. (21,7%)

The Icelandic Banks’ Data Centre (RB) is an IT service company which has developed various financial solutions.

Bjarnarþing (100%)

The company owns two floors in the north tower of the shopping center Fjörður, in the town Hafnarfjordur. The properties is leased to Health care center Fjörður.

220 Fjörður (37,35%)

Minority share in the company 220 Fjörður which owns and operates real estate in the shopping center Fjörður, in the town Hafnarfjordur. 220 Fjörður also owns a 50% share in the real estate development company 220 Miðbær ehf.