Kvika banki hf.
Kvika banki hf. ("Kvika" or "the bank") has completed the acquisition of 80% of all shares in Netgíró hf. ("Netgíró") from Alva Capital ehf., following the signing of a Letter of Intent for the acquisition, which was announced on 16 July 2020. The bank, which previously owned a stake close to 20% in Netgíró, will now be sole owner of the company.
The acquisition of Netgíró is in line with Kvika's policy of utilising technological solutions to modernize financial services. Netgíró has developed an advanced credit rating system and offered its customers “buy now pay later” services. Kvika had previously successfully launched Auður, its fintech services application.
Kvika has collaborated effectively with Netgíró in recent years, including financing the company's credit portfolio. The acquisition enables the bank to further expand this co-operation, to increase efficacy and cost-efficiency for both companies. Netgíró currently has almost 3,000 points of sale in Iceland and just under 50,000 retail customers.
Kvika will publish its earnings forecast for 2021 on 28 January. A positive impact is expected from the acquisition of Netgíró on this year's results, and increasingly so in subsequent years.
Marinó Örn Tryggvason, CEO of Kvika:
“Iceland's financial system is changing and competition increasing. Kvika intends to use the latest technological solutions to serve its customers. With the acquisition of Netgíró, the bank is well positioned to expand its activities in financing consumer purchases. At the same time, utilising Netgíró's infrastructure to expand the company's services, offers major opportunities."
Skorri Rafn Rafnsson, Chairman of the Board of Alva Capital ehf.:
“This is a positive milestone for Netgíró, which strengthens its position through this move. Furthermore, the acquisition by Kvika attests to the dedicated and successful efforts of Netgiró's exceptional employees since the company was founded. I wish Netgíró all the best in the coming years."
To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.
About Globenewswire
Subscribe to releases from Globenewswire
Subscribe to all the latest releases from Globenewswire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Globenewswire
Netbet Enterprises Limited19.4.2024 13:00:53 CEST | Press release
NetBet Casino joins forces with Stakelogic
Netbet Enterprises Limited19.4.2024 13:00:53 CEST | Pressemeddelelse
NetBet Casino slår sig sammen med Stakelogic
FUJIFILM Europe GmbH19.4.2024 09:01:09 CEST | Press release
Fujifilm Healthcare Europe launches lifelike ESD training simulator EndoGel
Netbet Enterprises Limited16.4.2024 12:23:48 CEST | Pressemeddelelse
NetBet Casino slår sig sammen med Play'n Go
Netbet Enterprises Limited16.4.2024 12:23:37 CEST | Press release
NetBet Casino joins forces with Play'n Go
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom