Arion Bank

Arion Banki
Private
Industry Banking
Founded 18 October 2008
(history traces back to 1930)
Headquarters Reykjavík, Iceland
Area served
 Iceland
Key people
 Höskuldur H. Ólafsson
(CEO)
Eva Cederbalk
(Board chairman)
Products Consumer banking, corporate banking, mortgage loans, private banking, private equity, wealth management, credit cards,
Revenue Decrease ISK 53.378 billion (2017)[1]
Decrease ISK 20.431 billion (2017)[1]
Decrease ISK 14.419 billion (2017)[1]
Total assets Increase ISK 1.148 trillion (2017)[1]
Total equity Increase ISK 225.733 billion (2017)[1]
Number of employees
 844 (End of 2017)
Website www.arionbanki.com

Arion Bank (Icelandic: Arion banki hf, formerly Nýja Kaupþing hf or New Kaupthing) is an Icelandic bank with roots tracing back to 1930. The bank operates in the Greater Reykjavík area as well as in the largest urban areas around the country. In 2016 the bank had the third largest market share of the current accounts in Iceland (30%), behind Landsbankinn (36.1%) and Íslandsbanki (31%).[2] The Bank has 24 branches all over the country and over 100,000 customers. The Icelandic State Treasury owns 13% in the bank[3]

A new beginning - After the financial crisis

Nýja Kaupþing hf or New Kaupthing) was established as a state-owned bank on the ruins of the Icelandic-based operations of the former Kaupthing Bank and placed in control of the old bank's domestic assets and liabilities. On 20 November 2009, New Kaupthing changed its name to Arion Banki.[4]

On behalf of its creditors Kaupthing, through its subsidiary Kaupskil, took ownership of Arion Bank on 8 January 2010. Kaupskil holds 87% of common equity and the Icelandic State Financial Investments (ISFI) 13%.[5] Kaupskil appoints five out of six board members of Arion Bank, the government appoints the sixth. Kaupskil has a call option to buy the government’s stake at a later point.

Following a change in ownership in 2010 a new board of directors as well as a new CEO, Höskuldur H. Ólafsson, and management team were appointed.[6] A new strategic plan was also introduced.

In February 2017, the government announced its intention to sell its minority stake through an IPO.[7]

See also

References

  1. 1 2 3 4 5 "Annual Report 2017". Arion Bank. 15 February 2018. Retrieved 15 February 2018.
  2. ↑ Ten facts of Icelandic banks. "Tíu staðreyndir um íslensku bankana", Kjarninn, Reykjavík, 4 March 2016. Retrieved on 14 February 2018.
  3. ↑ "Ownership". Arion Bank. 15 February 2018. Retrieved 15 February 2018.
  4. ↑ "Arion banki - A new name and a new vision". News item - Arionbanki. Retrieved 2017-07-11.
  5. ↑ "Financial results for the first half of 2010". News item - Arionbanki. Retrieved 2017-07-11.
  6. ↑ "Höskuldur H. Ólafsson hired as Arion Bank's CEO". News item - Arionbanki. Retrieved 2017-07-11.
  7. ↑ "Iceland confirms plan to sell Arion Bank stake in IPO". Reuters. 2017-02-14. Retrieved 2017-07-11.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.