SPB (former Sparisjóðabanki Íslands , ) was a
commercial bank
A commercial bank is a financial institution that accepts deposits from the public and gives loans for the purposes of consumption and investment to make a profit.
It can also refer to a bank or a division of a larger bank that deals with whol ...
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 ...
,
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 ...
, focusing on
wholesale
Wholesaling or distributing is the sale of goods or merchandise to retailers; to industrial, commercial, institutional or other professional business users; or to other wholesalers (wholesale businesses) and related subordinated services. In ...
and
investment banking
Investment banking is an advisory-based financial service for institutional investors, corporations, governments, and similar clients. Traditionally associated with corporate finance, such a bank might assist in raising financial capital by und ...
services to
savings bank
A savings bank is a financial institution that is not run on a profit-maximizing basis, and whose original or primary purpose is collecting deposits on savings accounts that are invested on a low-risk basis and receive interest. Savings banks ha ...
s, Icelandic and foreign financial institutions and other customers. It operated in the areas of trade finance and foreign exchange, payment services, treasury services and funding.
SPB shared offices with the Icelandic Savings Banks' Association and The Savings Banks' Guarantee Fund. There were about 90 employees in the Bank. It held a substantial stake in
Teris, having been one of the original seven founders in 1989.
At the end of 2006 Icebank served as banking institution for most of Iceland's 23 savings banks. In 2009, the bank was
liquidated
Liquidation is the process in accounting by which a company is brought to an end. The assets and property of the business are redistributed. When a firm has been liquidated, it is sometimes referred to as wound-up or dissolved, although di ...
by the District Court of Reykjavik.
See also
*
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 ...
References
External links
*
Banks of Iceland
Banks established in 1986
1986 establishments in Iceland
{{Europe-bank-stub