Commercial Banking in Iceland
Iceland’s economy is getting back on track, recovering from a five-year financial crisis. The economy is expected to grow 1.9% this year, down from 2.6% in 2011/12. As the rest of the region show signs of recovery, analysts are optimistic Iceland has reached bottom and is now emerging from recession. Distressed banks are slowly regaining strength and are aggressively targeting expats in the country.
Arion Bank, previously named Kaupthing Bank, was taken over by the Icelandic government during the 2008-2012 financial crisis. Kaupthing’s bankruptcy was the fourth-biggest in the world. The now state-owned lender has 24 branches and serves over 100,000 customers.
Today’s Arion Bank is a top banking option for foreigners. The bank effectively captures the expat market by offering expat-friendly services. Arion’s 24/7 online banking platform is available in four different languages: Icelandic, English, Danish and Polish. Customers are able to access their current and debit accounts anywhere at any time.
Arion Bank customers, individuals and businesses, are offered the following services:
• Bank Accounts
• Credit and Debit cards
• Online Banking
• Savings Accounts
• Foreign Transactions
• Currency Exchanges and
CONTACT Arion Bank
Phone: +354 444 7000
MP Bank, originally named as MP Securities, was founded in 1999. It was first established as an investment bank and was granted a full commercial banking license in 2008. MP Bank is a member of the Nasdaq OMX Stock Exchange. The Icelandic lender offers a wide range of banking services to individual and institutional clients, including asset management and private banking.
CONTACT MP Bank
Address: Borgartun 26, 105 Reykjavik, Iceland
Phone: +354 540 3230
Nyi Landsbanki (NBI) is fully-owned by the Icelandic state government. Its major shareholder, the Icelandic State Treasury, holds 81.3% stake. The remaining 18.7% was owned by the now defunct bank Landsbankinn. In 2008, the Financial Supervisory Authority took control of NBI.
CONTACT Nyi Landsbanki
Phone: +354 410 4000
Islandsbanki, commonly known as the Bank of Iceland, was established in 1884. Creditor group ISB Holding EHF owns 95% of the bank while the 5% remaining stake is held by the Icelandic State Treasury. The bank offers retail banking, corporate banking and wealth management.
The Bank of Iceland offers a wide array of services including the following:
• Online Banking
• Current Accounts and Savings Accounts
• Debit and Credit Cards
• Mortgage and Loans
• Pension Savings
• Debt Relief Programs
CONTACT Bank of Iceland
Phone: +354 440 4000
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