Icelandic Bank Sees Savings in Largest Ever Refinancing Plan
- Arion converting $776 million into long-term funding
- Bank's biggest refinancing ever, CEO tells Bloomberg
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The successor to Iceland’s largest failed bank is converting 100 billion kronur ($776 million) worth of short-term financing into cheaper 7-year funding.
“We’re undergoing the largest refinancing plans the bank has undertaken,” Hoskuldur H. Olafsson, chief executive officer of Arion Bank, told Bloomberg in an interview last week.