BankNordik P/F - Company Announcement

BankNordik reaches milestone in refocusing strategy

BankNordik is pleased to announce that the sale of 100% of the shares in
Icelandic insurance group Vørður to Arion Banki has been completed today. The
total consideration for the shares in Vørður amounted to ISK 5.3bn before
transaction costs and taxes. 

An amount equal to DKK 100m related to the sale of Vørður is expected to be
proposed paid-out to the shareholders at BankNordik’s 2017 Annual General
Meeting. 

“We are now close to meeting our strategic and organisational objectives; we
have concentrated skills at fewer locations, and our redefined focus on the
personal banking market is currently materialising in a series of new
customer-oriented initiatives,” said BankNordik CEO, Árni Ellefsen. 

“The sale of Vørður is an important milestone in our efforts to refocus
BankNordik towards its core strategic business areas. As the execution of the
strategic changeover is close to finalised, the BankNordik Group is now set on
meeting the long-term financial objectives by strengthening our position within
relationship banking throughout all markets and deliver moderate growth going
forward.” said Chairman, Stine Bosse. 



Further information:

Árni Ellefsen, CEO, tel. (+298) 230 348

BankNordik has banking activities in the Faroe Islands, Denmark and Greenland
and insurance activities in the Faroe Islands. Founded in the Faroe Islands
more than a century ago, the Group has total assets of DKK 16.4bn and 464
employees. The Bank is subject to the supervision of the Danish Financial
Supervisory Authority and is listed on Nasdaq Iceland and Nasdaq Copenhagen.
www.banknordik.com