Nordic Business Report-September 26, 2006-Landsbanki Islands hf completes acquisition of Cheshire Guernsey Limited
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The Icelandic financial group Landsbanki Islands hf said on Monday (25 September) that it has completed its previously announced acquisition of the Guernsey-based bank Cheshire Guernsey Limited.
"The acquisition is consistent with Landsbanki's funding strategy and gives Landsbanki a fast track entry into the offshore deposit market which is an ideal platform to further diversify funding sources," Landsbanki said.
The deal was initially announced in August. Landsbanki said at the time that it had agreed to acquire the bank from Cheshire Building Society for a total consideration of GBP1.2m in addition to the company's net asset value of approximately GBP20.1m.
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