This article is about the Icelandic bank up to its failure in 2008. For current bank, see Landsbankinn. For the international school formerly known as Little Angels International School (with the acronym LAIS), see Musashi International School Tokyo.
Landsbanki hf
Company type
Private (2003–2008) Government-owned corporation (prior to 2003)
Industry
Banking
Founded
Reykjavík, Iceland, 1885 (commenced operations on 1 July 1886)
Defunct
Entered into receivership 7 October 2008, awaiting dissolution remaining assets
Successor
NBI hf
Headquarters
Reykjavík, Iceland
Key people
Björgólfur Guðmundsson (Chairman of the board), Halldór J. Kristjánsson (co-CEO), Sigurjón Þ. Arnason (co-CEO)
Number of employees
2,770 (2007)[1]
Website
landsbanki.is
Landsbanki (literally "National Bank"), also commonly known as Landsbankinn (literally "The National Bank") which is now the name of the current rebuilt bank (here called "New Landsbanki"), was one of the largest Icelandic commercial banks that 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) so that the domestic bank could continue to operate, the new bank continued to operate under the Landsbanki name in Iceland.[2]
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 has been in operation since 1885 and had been 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.
Landsbanki had positioned itself as Iceland's primary provider of general and specialized financial services to individuals, corporate entities, and institutions. The bank had the country's most extensive branch network with 40 branches and sub-branches. At the end of 2006, Landsbanki provided close to 40% of corporate lending in Iceland, and for around 60% of companies listed on the OMX Iceland Stock Exchange, Landsbanki was their principal bank or one of two banks with whom they did business. The leading provider of M&A, derivatives, equity and fixed income services.
It started to expand overseas in 2000 through a number of acquisitions and organic growth, the expansion would lead to the creation of its Icesave subsidiary in 2006 which would ultimately seal its fate.
^The Financial Supervisory Authority - Iceland, News: Based on New Legislation, the Icelandic Financial Supervisory Authority (IFSA) Proceeds to take Control of Landsbanki to ensure Continued Commercial Bank Operations in Iceland (07.10.2008) Archived 2008-10-10 at the Wayback Machine (in English)
Landsbanki (literally "National Bank"), also commonly known as Landsbankinn (literally "The National Bank") which is now the name of the current rebuilt...
after the privately owned Icelandic bank Landsbanki was placed in receivership on 7 October 2008. As Landsbanki was one of three systemically important...
Icelandic government out of the domestic operations of its predecessor Landsbanki which failed during the 2008–2011 Icelandic financial crisis. It is the...
In establishing Landsbanki, the Icelandic parliament hoped to boost monetary transactions and encourage the country's nascent industries. Following its...
created by an act of the Alþingi out of the central banking department of Landsbanki Íslands, which had the sole right of note issuance since 1927 and had...
crisis. Before the crash of the country's three largest banks, Glitnir, Landsbanki and Kaupthing, their combined debt exceeded approximately six times the...
Control of Landsbanki to ensure Continued Commercial Bank Operations in Iceland (7 October 2008) Archived 2008-10-10 at the Wayback Machine "Landsbanki Íslands...
the foreign customers. This caused a split of Landsbanki into two parts, a domestic version (Nýi Landsbanki) -owned and fully guaranteed for by the Icelandic...
solutions.[buzzword] Its name changed to Landsbanki Kepler. Following Landsbanki's bankruptcy in 2008, Kepler Landsbanki was bought out by its employees through...
was forced into government receivership, only days after a crisis at Landsbanki placed that bank into government control. Due to the crisis throughout...
movement formed in October 2008, in the first instance in protest at the Landsbanki Freezing Order 2008, passed at 10 am on 8 October 2008, during the 2008–2011...
The Landsbanki Freezing Order 2008 (later amended) is an Order of HM Treasury to freeze the assets of Icelandic bank Landsbanki in the United Kingdom...
Íslandsbanki (formerly known as New Glitnir) Landsbankinn (formerly known as New Landsbanki) Kvika banki Kvika banki Askar Capital (privately owned) Búnaðarbanki...
consortium of investors (Highland Group Holdings) including Icelandic based Landsbanki (35%). An online store was launched in 2007. In 2014, the group (as Highland...
eventually the entire company was sold to Wells Fargo. On 6 October 2008, Landsbanki, Iceland's second largest bank, was put into government receivership....
consolidation of smaller banks, with Sparisjodur Keflavikur being taken over by Landsbanki and Byr being taken over by Islandsbanki. Arion Bank, Islandsbanki, and...
demand for capital, and in 1885 Parliament created the first state bank (Landsbanki). In 1905 came the first motorised fishing vessel, which marked an important...
Mappin & Webb, by Baugur Group in November 2005. It was then bought by Landsbanki in 2009 before coming under the control of Apollo Global Management in...
emergency measures through the Nordic nation's parliament to nationalise Landsbanki and give the country's largest bank, Kaupthing, a £400m loan to bolster...
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