The Banker, a magazine published by the Financial Times and one of the most well-read financial magazines in the world, has named Íslandsbanki the bank of the year in Iceland in 2014.
The reasoning for the choice of Íslandsbanki is the progress the Bank has made in cost control and revenue growth while ranking highest among Icelandic banks in the Customer Satisfaction Index. Additionally Íslandsbanki´s equity ratio is high by international standards. The Bank has managed to successfully diversify its financing, for example, with the issuance of bonds in SEK and EUR. Domestically, Íslandsbanki was the largest issuer of covered bonds in Iceland in 2013 and the only domestic issuer of listed unsecured short dated bonds. It is also noted that Íslandsbanki has significantly increased its market share in recent years, both through mergers with other financial institutions and new business.
Strong product development at Íslandsbanki was also taken into account by the Banker. Íslandsbanki has always been responsive to customer needs, good example of this is the first-time-buyer loan, a housing loan on better terms for those who are taking their first step on the housing ladder. Furthermore the App is constantly developing and 45,000 customers have now downloaded it.
Earlier this year Euromoney magazine ranked Íslandsbanki as the best bank and the best investment bank in Iceland. The deciding factor there was also clear goal setting and for successfully diversifying the Bank´s funding.
Birna Einarsdóttir, Chief Executive Officer of Íslandsbanki:
"Awards from The Banker and Euromoney earlier this year confirm that we are on the right path but are at the same time an incentive for us to do even better. We have always focused on clear goal setting and strategy with the participation of the Bank´s employees. We have formed a new strategy based on promoting and developing customer service and further simplify operation for the benefit of our customers. We are also determined to pursue a responsible banking based on sound business practices and operation. I am proud of this recognition which is a testament to the excellent work of the employees of Íslandsbanki.”