BankNordik P/F - Fyrirtækjafréttir

BankNordik has indicated an interest in acquiring 50% of the share capital of the Faroese life assurance com-pany P/F Føroya Lívstrygging

The Faroese Government is selling 50% of the share capital in its life
assurance company P/F Føroya Lívstrygging. In the process, the remaining 50% of
the share capital will be transferred free of charge to Ognarfelagið Lív (a
confederation representing the policyholders). 

BankNordik has indicated an interest in acquiring the shares from the Faroese
Government with the purpose of contributing to a competitive life assurance
market for the benefit of the customers, P/F Føroya Lívstrygging and
BankNordik. 

Føroya Lívstrygging was founded on 1 January 1967, and on 1 January 2000 the
activities of Føroya Lívstrygging were transferred to the fully- owned
subsidiary of the Faroese Government - P/F Føroya Lívstrygging. 

P/F Føroya Lívstrygging provides pensions and life assurance to a large part of
the Faroese workforce, and the company cooperates with most labour unions in
the Faroe Islands. 

In the annual report for 2009, the life assurance company had DKK 2,914 million
in assets under management with an annual premium income of DKK 333 million. At
year-end 2009, the booked equity in the company was DKK 65 million. 

The sales process conducted by the Faroese Government is still at an early
stage, and at least one other potential buyer has indicated interest in
acquiring the share capital. BankNordik expects that the Faroese Government
will complete the sale over the coming months. 



Further information:

Janus Petersen, CEO, tel. (+298) 330 340