The merger of Fossar Investment Bank by VÍS Insurance has been completed, ending the process of merger talks that began in February this year. The combined company is a robust player in the financial market, offering extensive financial services.
The combined company has a 106-year history, a broad customer base, a strong economy and extensive business and financial market ties. These are solid infrastructures for excellent insurance, investment banking, private banking, fund and asset management and other specialised financial services. The goal of the merger is mainly to foster opportunities for further growth and a stronger position in the market.
Increased financial strength
In line with the merged company’s plans to further expand its investment banking operations, the board of VÍS has approved a share capital increase in Fossar by almost ISK 1.4 billion, consisting of the capital and the conversion of a subordinated loan. The share capital increase bolsters the Bank’s financial strength and supports existing plans for its banking operations’ rapid growth and to target the Icelandic financial market.
Steingrímur Finnsson, CEO of Fossar Investment Bank:
“The merger of these powerful companies is a matter of great pleasure as it lays the foundation for a leading financial company. Exciting days are ahead for the combined company focusing on servicing our clients with increased capabilities.”