Arion Bank

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Arion Bank
Type Private
Industry Banking
Predecessor(s) Kaupthing Bank, SPRON
Founded 18 October 2008
(history traces back to 1930)
Headquarters Borgartún 19, Reykjavík, Iceland
Key people Höskuldur H. Ólafsson (CEO)
Monica Caneman (Board chairman)
Net income Increase ISK 17.1 billion (2012)[1]
Total assets ISK 901 billion (2012)[1]
Owner(s) 87% by Kaupskil (old Kaupthing creditors)
13% by Icelandic State Treasury
Employees 1190 (2012)
Website www.arionbanki.com
References: Consolidated Financial Statements 2012

Arion Bank (Icelandic: Arion banki hf, formerly 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.

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%. 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. A new strategic plan was also introduced.

Arion Bank has solely operations in Iceland, in the Greater Reykjavík area as well as the largest urban areas around the country. The Bank has an extensive branch network, there are 24 branches all over the country and over 100,000 customers.

See also[edit]

References[edit]

  1. ^ a b "Annual Report 2012" (PDF). Arion Bank. 28 February 2013. Retrieved 10 April 2013. 

External links[edit]