Faroese banks to hold annual general meetings

The Faroe Islands’ two largest banks, Betri Banki and Føroya Banki, will hold their annual general meetings (AGMs) in April, with Føroya Banki’s meeting scheduled for Wednesday, reports Faroese broadcaster Kringvarp Føroya.

Føroya Banki’s AGM will take place on Wednesday at 5:00 PM local time. The bank’s board proposes distributing 202 million kronur (approximately €26.5 million) in profit to shareholders.

Betri Banki, a subsidiary of the cooperative Betri group, will hold its AGM on Friday, April 10. The board recommends a 50 million kronur (€6.6 million) profit payout. Betri is owned by its customers as part of the cooperative structure.

Additionally, Norðoya Sparikassi, a Faroese savings bank, recently held its annual representative meeting, where it was decided to pay a 5% return on guarantee deposits for 2025. Frimodt Rasmussen and Hans Arni Bjarnason Thomsen were re-elected to the board, with Símun Absalonsen serving as chair and Rúni Heinesen as vice-chair.