Arion Bank

Arion Banki
Private
Industry Banking
Predecessor Kaupthing Bank
SPRON
Founded 18 October 2008
(history traces back to 1930)
Headquarters Reykjavík, Iceland
Area served
 Iceland
Key people
 Höskuldur H. Ólafsson
(CEO)
Monica Caneman
(Board chairman)
Products Consumer banking, corporate banking, mortgage loans, private banking, private equity, wealth management, credit cards,
Revenue Decrease ISK 56.867 billion (2013)[1]
Decrease ISK 18.273 billion (2013)[1]
Decrease ISK 12.657 billion (2013)[1]
Total assets Increase ISK 938.850 billion (2013)[1]
Total equity Increase ISK 144.947 billion (2013)[1]
Owner 87% by Kaupskil (old Kaupthing creditors)
13% by Icelandic State Treasury
Number of employees
 1190 (2012)
Website www.arionbanki.com

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.[2]

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%.[3] 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.[4] 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 a branch network with 24 branches all over the country and over 100,000 customers.

In February 2017, the government announced its intention to sell its minority stake through an IPO.[5]

See also

References

  1. 1 2 3 4 5 "Annual Report 2013" (PDF). Arion Bank. 31 December 2013. Retrieved 10 April 2013.
  2. ↑ "Arion banki - A new name and a new vision". News item - Arionbanki. Retrieved 2017-07-11.
  3. ↑ "Financial results for the first half of 2010". News item - Arionbanki. Retrieved 2017-07-11.
  4. ↑ "Höskuldur H. Ólafsson hired as Arion Bank's CEO". News item - Arionbanki. Retrieved 2017-07-11.
  5. ↑ "Iceland confirms plan to sell Arion Bank stake in IPO". Reuters. 2017-02-14. Retrieved 2017-07-11.
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