MP Bank Might Still Buy SPRON Savings Bank Skip to content

MP Bank Might Still Buy SPRON Savings Bank

Chairman of MP Bank Margeir Pétursson told Stöd 2 on Friday that the bank had canceled its acquisition plans of the branch network of SPRON savings bank and its online unit Netbankinn due to a disagreement with New Kaupthing.

SPRON’s branch on Borgartún in Reykjavík. Photo by Eygló Svala Arnarsdóttir.

However, CEO of MP Bank Styrmir Thór Bragason told on Monday that if approval is received from the Financial Supervisory Authority (FME) shortly, MP Bank will stand by its plans.

Bragason stated that although MP Bank’s acquisition plans of SPRON are in jeopardy, MP Bank will not be held back. It has opened its own online unit and is in the process of hiring former SPRON employees, who were laid off when the state took the bank over.

“We can do everything ourselves and save the purchasing price,” Pétursson told Stöd 2, accusing New Kaupthing of having stalled the acquisition. MP Bank offered ISK 800 million (USD 6.1 million, EUR 4.7 million) for SPRON.

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