The Financial Supervisory Authority of the Central Bank of Iceland has today authorized Arion Bank to initiate share buy-back programs in Iceland and Sweden amounting to up to ISK 10 billion or up to 54,490,370 shares and SDRs, which would increase own shares up to 10% of issued shares. The Bank currently holds 111,509,630 of own shares and SDRs, representing 6.72% of issued shares in the Bank. The Bank is also authorized to reduce the company’s share capital by up to 10% of issued shares by cancelling own shares.

Arion Bank’s Annual General Meeting on 16 March 2021 approved to renew the authorization to the Board of Directors to acquire on behalf of the Bank up to 10% of issued share capital in the Bank due to its strong capital position.

The share buy-back program is now subject to the approval of the Bank’s Board of Directors.