Landsbankinn (, ), originally NBI hf., is an Icelandic

bank A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...

headquartered in

Reykjavík Reykjavík is the Capital city, capital and largest city in Iceland. It is located in southwestern Iceland on the southern shore of Faxaflói, the Faxaflói Bay. With a latitude of 64°08′ N, the city is List of northernmost items, the worl ...

. It was established in 2008 by the Icelandic government out of the domestic operations of its predecessor

Landsbanki Landsbanki (, ), also commonly known as Landsbankinn (, ) was one of the largest Icelandic commercial banks; it failed as part of the 2008–2011 Icelandic financial crisis when its subsidiary sparked the Icesave dispute. On October 7, 2008, t ...

which failed during the

2008–2011 Icelandic financial crisis The Icelandic financial crisis was a major financial crisis, economic and political event in Iceland between 2008 and 2010. It involved the default (finance), default of all three of the country's major privately owned commercial banks in late 2 ...

. It is the largest bank in

Iceland Iceland is a Nordic countries, Nordic island country between the Atlantic Ocean, North Atlantic and Arctic Oceans, on the Mid-Atlantic Ridge between North America and Europe. It is culturally and politically linked with Europe and is the regi ...

and the history of its predecessor goes back to 1885. In 2022 the bank had 35 branches around Iceland. The bank has around 39% market share in the retail market and around 34% in the corporate banking market (2022). In recent years, the bank has faced criticism for shutting down and reducing the opening hours of several of its branches in smaller towns throughout Iceland.

History

NBI hf. was created 9 October 2008, after the government had taken control of the insolvent

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. The bank has been mostly state owned since its establishment. In December 2009, the Icelandic State Treasury owned 81.33% of the shares and the remaining 18.67% of the shares were owned by Landsskil. In April 2013, the Icelandic State Treasury acquired 16.67% of Landsskil's shares and thus the Treasury owned 98% of the shares while Landsbankinn received 2% (500 million) of its own shares. The bank received the shares from LBI hf. with the obligation to allocate them to employees. In September 2013, 317 million shares were allocated to employees, of which employees received 119 million shares and 198 million were repurchased by the Bank for settlement of tax obligations and pension liabilities. The allocation of the remainder of the shares was completed in February 2014. In 2022, the Icelandic State Treasury owned 98.2% of the shares, the bank owned 1.6% and the remainder were owned by less than 900 other investors.Landsbankinn – Ownership
"Ownership"
''Landsbankinn'', Reykjavík, 29 March 2015. Retrieved on 15 February 2018.

References

External links

*
landsbankinn.com
{{in lang, en
Mobile site
Banks of Iceland Banks established in 2008 Companies based in Reykjavík 2008 establishments in Iceland de:Landsbanki

History

See also

References

External links