Íslandsbanki

Íslandsbanki hf.

Type	Private
Industry	Banking
Predecessor	Glitnir banki hf.
Founded	15 October 2008 (history traces back to 1884)[1]
Headquarters	Reykjavík, Iceland
Area served	Iceland
Key people	Birna Einarsdóttir (CEO) Fridrik Sophusson (Chairman)
Products	Consumer banking, corporate banking, mortgage loans, private banking, private equity, wealth management, credit cards,
Revenue	ISK 68.148 billion (2013)[1]
Operating income	ISK 30.008 billion (2013)[1]
Profit	ISK 23.069 billion (2013)[1]
Total assets	ISK 866.009 billion (2013)[1]
Total equity	ISK 167.318 billion (2013)[1]
Number of employees	1,000 (average 2013)[1]
Website	www.islandsbanki.is

Íslandsbanki (Icelandic for: Bank of Iceland), is an Icelandic bank with roots tracing back to 1884, formerly being the domestic part of Glitnir banki hf., but on 15 October 2008 being split from the bankrupt Glitnir and reestablished into a new independent bank. The sole operations of the bank is to manage a branch network in Iceland, with a 20%-40% market share across all domestic franchise areas. It is being owned 5% by the Icelandic State Treasury and 95% by "ISB Holding ehf.", which is the creditor group behind the old bankrupt Glitnir bank.^[1]

First Íslandsbanki

Íslandsbanki was originally created in 1990 through the merger of Alþýðubanki (Union Bank), Verzlunarbanki (Bank of Commerce) and Iðnaðarbanki (Industrial Bank). After its 2000 merger with FBA Icelandic Investment Bank, the bank was briefly renamed Íslandsbanki-FBA, but "FBA" was dropped from the name in 2002. In 2006, the bank again rebranded itself as Glitnir.

Second Íslandsbanki

The bank was re-established on 15 October 2008 under the name Nýi Glitnir ("New Glitnir") to take over the Icelandic operations of Glitnir banki hf.^[2] The name was changed back to Íslandsbanki on 20 February 2009.^[3] The name Glitnir was deemed to be unreliable after the financial collapse, and a new logo was designed based on the old Glitnir and Íslandsbanki logos.^[4]

By the end of 2012, the bank had 1,287 full-time employees and a total amount of assets worth ISK 823 billion, and its operations were divided into six business segments: Retail Banking, Corporate Banking, Markets, Wealth Management, Treasury and Subsidiaries & Equity Investments. The Bank has a 20–40% market share across all domestic franchise areas, and operates an efficient branch network in Iceland. It is being owned 5% by the Icelandic State Treasury and 95% by "ISB Holding ehf.", which is the creditor group behind the old bankrupt Glitnir bank.^[1]

The directors, executives, and auditors of four Icelandic banks: Kaupthing Bank, Landsbanki, Glitnir/Íslandsbanki, and the Central Bank of Iceland, were awarded the 2009 Ig Nobel Prize in Economics for demonstrating that tiny banks can be rapidly transformed into huge banks, and vice versa and for demonstrating that similar things can be done to an entire national economy.^[5][6][7]

The current CEO is Birna Einarsdóttir.

References

1. 1 2 3 4 5 6 7 8 9 "Consolidated Financial Statements 2013" (PDF). Islandsbanki. 31 December 2013. Retrieved 15 October 2014. 
2. ↑ Financial Supervisory Authority (FME) (14 October 2008). "Decision of the Financial Supervisory Authority (FME) on the disposal of assets and liabilities of Glitnir Bank hf., ID no. 550500-3530, to New Glitnir Bank hf., ID no. 491008-0160". Retrieved 2008-10-16. 
3. ↑ Glitnir Becomes Íslandsbanki – Bank of Iceland Iceland Review Online, December 18, 2008
4. ↑ Íslandsbanki is back! Íslandsbanki, February 20, 2009
5. ↑ http://www.improbable.com/ig/winners/#ig2009
6. ↑ http://www.improbable.com/2016/10/10/additional-co-winners-of-the-2009-ig-nobel-economics-prize-have-been-convicted/
7. ↑ List of Ig Nobel Prize winners#2009