With reference to the announcement of Kvika banki hf. ("Kvika" or "the bank") regarding the start of the sales process of its insurance subsidiary TM tryggingar hf. ("TM" or "the company") which was announced on November 17th, it is hereby informed that Kvika has received non-binding offers for share capital of TM, both for all outstanding shares and part of the shares.

The Board of Directors of Kvika has reviewed and evaluated the offers received and subsequently decided to invite four parties to continue in the sales process and provide them with access to vendor due diligence reports and further information. 

At this time, there is no assurance that the aforementioned process will result in binding offers for TM, which may result in the sale of the company as a whole or a listing.

As previously announced, it is anticipated that the sale or listing of TM will be completed in the second or third quarter of 2024.

Further updates on the sales process will be provided in a timely manner regarding any material developments, consistent with the bank’s statutory disclosure obligations.

Please note that this notice is a disclosure of inside information per article 17 of regulation (EU) No 596/2014 on market abuse ("MAR"), which is implemented into Icelandic law with the act on measures against market abuse No 60/2021.

For further information please contact Magnús Þór Gylfason, Director of Communications and Stakeholder Relations, magnus.gylfason@kvika.is