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Gudmundur Hauksson |
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AN EXTRAORDINARY BANKING battle is being fought in Reykjavik. Búnadarbanki Íslands, Iceland’s third-largest commercial bank, has made a hostile bid for Spron – the country’s largest savings bank.
New laws have pushed commercial banks into a struggle against each other to gain control of the savings bank’s capital, which can be acquired on the cheap and transformed into shareholder equity. This outcome was unforeseen by the savings banks when they lobbied for changes to laws governing their capital structure.
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