Milbank LLP has provided legal counsel to the Ministry of Finance and Economic Affairs, representing the Treasury of Iceland, in the divestment of a 45.2% stake in Íslandsbanki hf. This transaction was conducted through a fully marketed offering, finalizing on May 23, 2025. The offering generated gross proceeds amounting to ISK 90.5 billion, approximately US$700 million.
This sale represents the largest share offering in Iceland’s history and signifies the completion of Íslandsbanki’s privatization process. Founded in 1875, Íslandsbanki operates as an Icelandic universal bank with three main business divisions: Personal Banking, Business Banking, and Corporate & Investment Banking.
The Milbank team managing this advisory role was led by partners and associates from their firm.
