EGM resolution to amend articles of association and a proposal authorising conditional distribution of dividend

At a shareholders‘ meeting of Arion Bank which took place today 12 February 2018, it was resolved to amend the Bank‘s articles of association by inserting a temporary authority for the Bank‘s Board of Directors to repurchase shares issued by the Bank. Furthermore, the shareholders‘ meeting approved the Board‘s proposal for conditional distribution of dividend to the Bank‘s shareholders.

Allocation of capital through dividend as approved by the bank‘s shareholders today, is in line with Arion Bank’s stated long term target to reduce surplus capital. Given a full allocation of these capital actions the Banks Capital Adequacy will decrease by excess of 3% but will still be significantly above the required level of the FME and the long term optimal level.

Arion Bank‘s announcement published in Nasdaq Iceland can be read in full here.