On May 28th, the board of Íslandsbanki made a proposal to the board of Kvika to enter into merger discussions between the two banks. The conclusion from Kvika’s board was that there were not grounds to start merger discussions at that time based on the offer and information provided, but Kvika's board expressed willingness to reconsider their decision.

Íslandsbanki sent an updated proposal to Kvika's board after market closing today, reiterating its request for merger discussions.

Further information on the progress of the matter will be provided when appropriate and in accordance with the bank's statutory information obligations.