Islandsbanki enhances its credit card operations


In 2011, Islandsbanki acquired all the shares in Kreditkort hf. The bank had previously had a 55% stake in the company. The goal was to strengthen further the bank´s position in the credit card market in Iceland and to increase its market knowledge and service offerings in the field. Kreditkort has decades of experience in the credit card market and today issues both American Express and Mastercard credit cards.

Since the acquisition, Kreditkort and Íslandsbanki have identified synergies and strategic opportunities. The first result is that a new credit card department will be established within Islandsbanki, which will handle all the bank's credit and debit card services to its customers. Kreditkort's headquarters in Ármúli will be run as a special credit card branch for the customers of Íslandsbanki. Furthermore, Islandsbanki´s branches will continue to be responsible for the day-to-day servicing of the banks current customers.

Martha Eiriksdottir, Kreditkort´s current CEO, will lead the new credit card division. The various support units of both the companies will be combined to gain further cost and operational efficiencies. These changes will start to be implemented in the beginning of 2012 and will not affect the current use of credit and debit cards for either Islandsbanki´s or Kreditkort´s customers.

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