The Winding-up Board of Landsbanki Íslands hf. (LBI) announces the signing with Apollo Global Management on the sale of the entire shareholdings held by Landsbanki in Aurum Holdings Limited, which trades in the UK as Mappin & Webb, Goldsmiths and Watches of Switzerland. Landsbanki Íslands hf. was a majority shareholder of the company.

The Winding-up Board was involved in the transaction and believes that the sale achieves the objective of maximizing the proceeds from the equity in the company. Furthermore the Winding-up Board believes that the transaction delivers the best possible recovery for the bank and its creditors as a whole.