The merger between North Iceland’s Savings Bank (SPNOR) and Byr Savings Bank was unanimously accepted by the owners of SPNOR at a meeting on Monday. The boards of both savings banks recently signed a merger agreement.
Monday’s meeting moved the two savings banks one step closer to merging, but before the merger can be finalized it must also be accepted by the owners of Byr, the Financial Supervisory Authority (FME) and the Competition and Fair Trade Authority, ruv.is reports.
According to SPNOR director Arnar Óskarsson, no decision has been made as to when Byr’s owners will meet to discuss the merger.
Once the merger is finalized, the new savings bank will be known as Byr Sparisjódur in which the owners of SPNOR will hold a 9.5 percent stake.