Landsbankinn

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Landsbankinn hf
Type Public
Industry Banking
Predecessor(s) Landsbanki
Founded 9 October 2008
(history traces back to 1885)
Headquarters Reykjavík, Iceland
Key people Steinþór Pálsson, CEO
Gunnar Hálfdanarson, board chairman
Profit ISK 25.5 billion (2012)
Total assets ISK 1085 billion (ultimo 2012)
Owner(s) 81.33% by Icelandic State Financial Investments
18.67% by Landsskil (Landsbanki receivership)
Employees 1,233 (ultimo 2012)
Website landsbankinn.is
References: Consolidated Financial Statements 2012

Landsbankinn (literally "the national bank", originally NBI hf, also known as Nýi Landsbanki, Icelandic for "new national bank") is an Icelandic bank headquartered in Reykjavík. It was established in 2008 by the Icelandic government out of the domestic operations of its predecessor Landsbanki which failed during the 2008–2011 Icelandic financial crisis. It is one of the largest banks in Iceland and the history of its predecessor goes back to 1885.

The bank has been state owned since its establishment and its current shareholders are the Icelandic State Financial Investments with 81.33% of the shares in the bank, while the remaining 18.67% of the shares are currently owned by the winding-up receivership (Landsskil) for the old bankrupt Landsbanki.

History[edit]

The headquarters in Reykjavík

NBI hf was created 9 October 2008, after the government had taken control of the insolvent Landsbanki two days earlier and decided to split all domestic operations into this new surviving version of the bank, while leaving the remaining foreign operations of Landsbanki for bankruptcy and winding-up proceedings. The total assets value declined roughly to a third for the new bank, when comparing to the previous size for the old version of the bank. The number of employees were also reduced from 2770 in 2007, to only 1233 in 2012.

In April 2011, the legal name was changed from NBI hf. to Landsbankinn hf.[1]

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