Sparisjóðabanki Íslands

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Icebank is a commercial bank, focusing on wholesale and investment banking services to savings banks, Icelandic and foreign financial institutions and other large customers. Icebank operates in the areas of trade finance and foreign exchange, payment services, treasury services and funding with the aim of providing outstanding services to a select group of Icelandic and foreign customers. The Bank achieves competitiveness and profitability through specialisation.

Icebank was established in 1986 by the savings banks in Iceland. It is still wholly owned by the 21 savings banks in the country. The original purpose of the Bank was to act as a central institution for the savings banks providing them with a range of services. However, the Bank has always had a portfolio of customers other than savings banks. Traditionally, these customers looked towards the Bank for short-term or long-term credits but the Bank has always stood ready to provide them with all kinds of wholesale and investment banking services.

In 2006, Icebank's owners agreed on a new strategic vision for the Bank. This was considered necessary because of the fundamental changes occurring in the Icelandic banking sector, not least the rapid and successful overseas expansion of the bigger Icelandic banks and the continuous growth of the larger savings banks, which has made them more and more willing to act on their own rather than require the services of Icebank. The Bank will continue to offer its traditional and comprehensive services to the savings banks, but the emphasis will be on providing companies, professional investors and other large customers, both in Iceland and abroad, with a wide range of services, including long-term credits, foreign exchange and derivatives. It also supports Icelandic companies that are building up operations abroad through advice, lending and equity participation, at the same time taking part in various types of syndicated loans and structured finance both in Iceland and abroad. Thus, the Bank will continue to stay away from the retail market and focus instead on wholesale and investment banking services.

One of the main points of the new strategic vision for Icebank is that ownership will be expanded and the Bank's shares listed on the Iceland Stock Exchange with the aim of raising equity in support of further growth.

Icebank is located in the heart of Reykjavík. It shares offices with the Icelandic Savings Banks' Association and The Savings Banks' Guarantee Fund. There are about 90 employees in the Bank.