Íslandsbanki
{{short description|Icelandic bank}}
{{Infobox company
| name = Íslandsbanki hf.
| logo = Íslandsbanki logo.svg
| logo_size =
| type = Private
| predecessor = Glitnir banki hf.
| successor =
| founded = 15 October 2008
(history traces back to 1884)
| defunct =
| location = Reykjavík, Iceland
| area_served = Iceland
| locations = {{ubl|12 branches (2023)|33 ATMs (2023)}}
| key_people = Jón Guðni Ómarsson
(CEO)
Fridrik Sophusson
(Chairman)
| products = Consumer banking, corporate banking, mortgage loans, private banking, private equity, wealth management, credit cards,
| industry = Banking
| revenue = {{decrease}} ISK 44.189 billion (2017){{cite web |url=https://www.islandsbanki.is/english/about-islandsbanki/news/news-item/2018/02/14/Annual-Consolidated-Statements-2017/ |title=Annual Consolidated Statements 2017 |publisher=Íslandsbanki |location=Reykjavík |date=14 February 2018 |accessdate=14 February 2018}}
| operating_income = {{nowrap|{{increase}} ISK 14.802 billion (2017)}}
| net_income = {{decrease}} ISK 13.226 billion (2017)
| assets = {{nowrap|{{decrease}} ISK 1.036 trillion (2017)}}
| equity = {{increase}} ISK 181.045 billion (2017)
| num_employees = 861 (End of 2017)
| owner = 42.5% Icelandic State Treasury Ownership. [https://www.islandsbanki.is/english/about-islandsbanki/the-bank/organisational-structure/ "Organisational structure"], islandsbanki.is, Reykjavík, 14 February 2018. Retrieved on 14 February 2018.
| subsid =
| homepage = [http://www.islandsbanki.is www.islandsbanki.is]
| footnotes =
}}
Íslandsbanki ({{IPA|is|ˈistlan(t)sˌpauŋcɪ}}, {{lit|Iceland Bank}}) is an Icelandic bank with roots tracing back to 1875, 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. As of 2022, the bank has 12 branches around Iceland.
First Íslandsbanki
{{Main|Glitnir (bank)}}
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.,{{cite web | author = Financial Supervisory Authority (FME) | title = 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 | url = http://www.fme.is/lisalib/getfile.aspx?itemid=5683 | date = 14 October 2008 | accessdate = 2008-10-16}} after the 2008-2011 Icelandic financial crisis. The name was changed back to Íslandsbanki on 20 February 2009.[http://www.icelandreview.com/icelandreview/daily_news/?cat_id=16567&ew_0_a_id=317198 Glitnir Becomes Íslandsbanki – Bank of Iceland] Iceland Review Online, December 18, 2008 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.[http://www.islandsbanki.is/english/about-islandsbanki/news/news-item/2009/02/20/Islandsbanki-is-back/ Íslandsbanki is back!] Íslandsbanki, February 20, 2009 Íslandsbanki was wholly owned by the Icelandic State Treasury from 2008 until 2021.
By the end of 2017, the bank had 861 full-time employees and a total amount of assets worth ISK 1.036 trillion, 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.
The directors, executives, and auditors of four Icelandic banks: Kaupthing Bank, Landsbanki, Glitnir/Íslandsbanki, and the Central Bank of Iceland, were awarded the satirical Ig Nobel Prize in Economics in 2009 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.{{Cite web|url=http://www.improbable.com/ig/winners/#ig2009|title = Ig Nobel Prize Winners|date = August 2006}}{{Cite web|url=http://www.improbable.com/2016/10/10/additional-co-winners-of-the-2009-ig-nobel-economics-prize-have-been-convicted/|title = Additional co-winners of the 2009 Ig Nobel economics prize have been convicted|date = 11 October 2016}}List of Ig Nobel Prize winners#2009
The current CEO is Jón Guðni Ómarsson.
= Privatisation =
In 2021, the Icelandic Government, in line with its plan, decided to begin the sell-off of Íslandsbanki in stages. In 2021, the government sold a 35% share in Íslandsbanki, with a further 22.5% being sold in March 2022. This brings the Icelandic State Treasury's share in the bank at 42.5% as of 2022.{{Cite web |title=Stefnt á frekari sölu í Íslandsbanka - Viðskiptablaðið |url=http://www.vb.is/frettir/stefnt-frekari-solu-i-islandsbanka/171650/ |access-date=2022-04-29 |website=www.vb.is |language=en-us}}
References
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