Iceland’s MP Banki and Straumur Complete Merger Using iDeals Virtual Data Room
October 30, 2015
So far, 2015 has been a year of major changes in the Icelandic banking map.
Kvika is the name of the new Iceland’s investment bank formed through the merger of country’s largest investment bank MP Banki and major investment bank Straumur.
MP Banki and Straumur agreed on the merger in summer 2015 and has occasionally used the name MP Straumur. The deal was approved by shareholders and by the Iceland’s Financial Authority (Fjármálaeftirlitið) and country’s Competition Authority (Samkeppniseftirlitið). The shareholders of MP Banki received 58.66 percent of the shares in the new bank, while the shareholders of Straumur received 41.34 percent.
In the first half of the year, the new banking entity made a profit of 294 million Icelandic crones.
Kvika means “magma” in Icelandic language. According to a press release retrieves the bank draws its inspiration for both the business and the name from "the untamed energy of Icelandic nature: the magma crawls, moves, changes and create excitement." The name change was announced formally in October.
Kvika bank will specialize in investment banking and wealth management. Its headquarters are in Reykjavik, Iceland.
The merger was performed using iDeals Virtual Data Room platform.
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