The Resolution Committee of Landsbanki Íslands ("Old Landsbanki") and Kepler Capital Markets ("Kepler") are pleased to announce the sale of Kepler to management and staff through a management-led buy-out (MBO).

Kepler was a fully owned-subsidiary of Old Landsbanki. The Resolution Committee's sale of this asset is consistent with its commitment to maximise the value of assets within Old Landsbanki. It considered a timely realisation of its equity interest was best in order to maximise its value. Old Landsbanki's court appointed assistant, Kristinn Bjarnason, approved the transaction.

The MBO transfers 100% ownership from Landsbanki to Kepler's management and staff. The sale was subject to a fairness opinion from an independent accounting firm.

Kepler's business operations will continue unchanged following the transaction. Laurent Quirin, CEO of Kepler, states:

"We would like to thank all related parties for professionalism in bringing the Kepler MBO to a successful conclusion. We now have the challenge and opportunity of creating a unique independent European financial intermediary. We are convinced that we have the right business model to make this happen. As we suspected when we embarked on the MBO process, our clientele has welcomed the opportunity to partner with a truly independent house."

Lárus Finnbogason, Chairman of the Resolution Committee, adds: "We are very pleased that we were able to successfully execute the sale given very difficult circumstances and current financial market conditions."

Kepler Capital Markets is a European financial services company present in Amsterdam, Frankfurt, Geneva, Madrid, Milan, Paris, Zurich and New York. Its core business is equity brokerage, including research, sales and trading., in addition to fixed income, asset management and corporate finance platforms.

The terms of the sale will not be publicly disclosed as they are subject to a confidentiality clause.