US$ 16 million for a new bank concept licensed in the EU and EFTA

The Sparibank - a new way in banking

The Sparibank - a new way in banking

The Icelandic Company, Sparifelagid Inc, has been working on a new bank concept since 2010. All preparations are completed. The Company intents to privately raise US$ 16 million for the purpose of purchasing an Icelandic/European Bank with an exit strategy of an IPO within three years.
The new bank is based on a new technology in online-banking and the „principle of guidance“, which is a new concept in banking. In fact the concept has been developed, tested and proved in various ways since 2003 with great success.
A unique opportunity was created when the company, Sparifelagid Inc, was offered to purchase a savings bank. The company intends therefore to increase its share capital of 2 million US$ to 16 million US$.
Notice that the currency restrictions in Iceland do not apply to new investments besides to be exposed to 5 years. But due to the restrictions foreign investors can earn up to 20 percent discount on the Icelandic krona (ISK) through auctions by the Icelandic Central Bank.
The Icelandic banking license is valid in the EU and EFTA (Liechtenstein, Norway and Switzerland).
You will find a brief introduction to the new bank, the Sparibank, on my LinkedIn Profile.
Please bear in mind, when you see the low figures, that Iceland is not only a developed, rich and democratic society, it is also a small scale society with population of only 330.000. Comparing to USA population figures can be multiplied with 1.000.

For further information please contact:
Mr. Ingolfur H. Ingolfsson, Chairman of Sparifelagið Inc., ingolfur@spara.is
Mrs. Brynhildur Bergthorsdottir, Partner at Kontakt M&A, brynhildur@kontakt.is

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