Iceland has unveiled plans to launch an initial public offering (IPO) of Íslandsbanki in the second quarter of this year.

The move is part of the government’s plans to reduce state ownership in the banking sector.

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Íslandsbanki is one of key lenders based in Iceland with 31% market share in personal banking. It also offers business banking, asset management and corporate and investment banking services.

The lender, formerly Glitnir, failed in 2008 during the global financial crisis and was later bailed out by the government.

According to Reuters, the government paid €600m ($732.24m) for a 75% stake in the bank at that time.

Íslandsbanki is now wholly owned by the Treasury of Iceland with holdings managed by Bankasýsla ríkisins (Icelandic State Financial Investments, ISFI).

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The intended offering is expected to comprise around 25% of Íslandsbanki existing shares. It may include a public offering to institutional and retail investors in the country and a private placement to certain institutional investors.

The IPO is subject to completion of all applicable registrations as well as regulatory and governmental approvals.

Iceland Minister of Finance and Economic Affairs Bjarni Benediktsson said: ““The listing of Íslandsbanki on Nasdaq Iceland is an important first step to reduce the Icelandic state‘s significant ownership in the banking sector and will provide a clear path for the state to sell its remaining shares in the bank in the near future.

“Thereby we move one step closer to a healthier environment in our banking sector, such as those of our neighbouring countries in the Nordics.”