Kaupthing Bank hf sells Lysing hf to Vatryggingafelag Islands hf in ISK6.1bn deal

Nordic Business Report, Feb 8, 2005

NORDIC BUSINESS REPORT-8 February 2005-Kaupthing Bank hf sells Lysing hf to Vatryggingafelag Islands hf in ISK6.1bn deal(C)1994-2005 M2 COMMUNICATIONS LTD http://www.m2.com

The Icelandic bank Kaupthing Bank hf said on Tuesday (8 February) that it had sold its leasing subsidiary Lysing hf to Vatryggingafelag Islands hf (Iceland Insurance Company).

The sales price of ISK6.1bn will result in a gain of approximately ISK3bn.

Lysing is one of Iceland's largest leasing companies. It has 40 employees and reported a pre-tax profit of ISK590m in 2004. The company's total assets amount to some ISK34bn.

Kaupthing Bank said that it would continue its close cooperation with Lysing after the sale.

Kaupthing Bank is also to acquire Lysing's holding in the real estate company Eik fasteignafelag for ISK790m.

One Icelandic krona (ISK) is worth approximately 0.009 British pounds (GBP).

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