Arion Bank
 | This article includes a list of general references, but it lacks sufficient corresponding inline citations. (January 2015) |
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| Company type | Hlutafélag |
|---|---|
| Nasdaq Iceland: ARION | |
| Industry | Banking |
| Founded | 18 October 2008 (history traces back to 1930) |
| Headquarters | Reykjavík, Iceland |
Area served | Iceland |
Key people | Benedikt Gíslason (CEO) Brynjólfur Bjarnason (Board chairman) |
| Products | Consumer banking, corporate banking, mortgage loans, private banking, private equity, wealth management, credit cards, |
| Revenue |  ISK 46.200 billion (2018)[1] |
| ISK 46.200 billion (2018)[1] | |
| ISK 7.8 billion (2018)[1] | |
| Total assets |  ISK 1.164 trillion (2018)[1] |
| Total equity | ISK 200.900 billion (2018)[1] |
Number of employees | 698 (End of 2019) |
| Website | www.arionbanki.com |
Arion Bank 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 21 branches all over the country and over 100,000 customers.
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.[3]
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%.[4] 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.[5] A new strategic plan was also introduced.
In February 2017, the government announced its intention to sell its minority stake through an IPO.[6]
See also
References
- ^ a b c d e "Annual Report 2018". Arion Bank. 31 December 2018. Retrieved 21 August 2019.
- ^ Ten facts of Icelandic banks. "Tíu staðreyndir um íslensku bankana", Kjarninn, Reykjavík, 4 March 2016. Retrieved on 14 February 2018.
- ^ "Arion banki - A new name and a new vision". News item - Arionbanki. Retrieved 2017-07-11.
- ^ "Financial results for the first half of 2010". News item - Arionbanki. Retrieved 2017-07-11.
- ^ "Höskuldur H. Ólafsson hired as Arion Bank's CEO". News item - Arionbanki. Retrieved 2017-07-11.
- ^ "Iceland confirms plan to sell Arion Bank stake in IPO". Reuters. 2017-02-14. Retrieved 2017-07-11.
External links
- www.arionbanki.is (in Icelandic)
- www.arionbanki.is (in English)