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, the Icelandic Financial Supervisory Authority took control of Landsbanki and created a new bank for all the domestic operations called Nýi Landsbanki (New Landsbanki) and the bank continued to operate under the same name.
Key facts
- Company.logo
- 200px
- Company.type
- Private (2003–2008)Government-owned corporation (prior to 2003)
- Company.foundation
- Reykjavík, Iceland, 1885 (commenced operations on 1 July 1886)
- Company.defunct
- Entered into receivership 7 October 2008, awaiting dissolution remaining assets
- Company.successor
- NBI hf
- Company.location
- Reykjavík, Iceland
- Company.key_people
- Björgólfur Guðmundsson (Chairman of the board), Halldór J. Kristjánsson (co-CEO), Sigurjón Þ. Arnason (co-CEO)
- Company.industry
- Banking
- Company.num_employees
- 2,770 (2007)
- Company.homepage
- landsbanki.is
via Wikipedia infobox
Article
11 sectionsContents
- History
- International expansion
- Icesave
- 2008 financial crisis
- Sponsorship of sports: Landsbankadeildin
- Landsbanki liquidation and repayment of claims
- How capital controls impact creditor repayment
- New creditor repayment restrictions
- See also
- References
- External links
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, the Icelandic Financial Supervisory Authority took control of Landsbanki and created a new bank for all the domestic operations called Nýi Landsbanki (New Landsbanki) and the bank continued to operate under the same name.
Prior to its failure, the bank was one of the largest Icelandic banks with assets of ISK 3,058 billion in December 2007 and a market capitalization of ISK 383 billion. It began operation in 1885 and was instrumental in the economic development of business and industry in Iceland. From 1927 to 1961, the bank acted as the central bank until it was replaced by the Central Bank of Iceland, although this interest was primarily directed towards note issuance rather than monetary policy. The bank had been state-owned and was privatized in stages between 1998 and 2003.