The international financial publication Euromoney has named Arion Bank as Iceland’s best bank. Arion Bank received one of Euromoney’s Awards for Excellence at a ceremony at the Tower of London last week.
In awarding the prize the jury said that Arion Bank best encapsulated the revival of Iceland’s economic fortunes. It was noted that in 2010 only 25% of loans had been to individual customers, but by 2016 this figure had risen to 47%. At the same time, problem loans had fallen from almost half of Arion Bank's loan book to 1.6%. Euromoney also cited the restructuring of Arion Bank’s business mix which has involved numerous sales of unrelated businesses, and the consolidation of its financial services holdings, including Valitor, Stefnir and Vördur.
The award is not only confirmation of Arion Bank's strong performance over the last few years but also provides incentive to continue to build on these achievements. At Arion Bank we strive to provide outstanding financial advice and develop state-of-the-art digital solutions, with a focus on convenient banking for the future.
Euromoney has been covering international finance for almost 50 years. Euromoney’s Awards for Excellence have been given out since 1992, the first of their kind. In 2017, 1,500 submissions were received from banks in an awards programme that covers 20 global awards, more than 50 regional awards, and best bank awards in close to 100 countries.
Arion Bank hf. has agreed to a buyback of 9.5% of issued share capital in Arion Bank from Kaupskil ehf, a subsidiary of Kaupthing ehf.
Arion Bank reported net earnings of ISK 14.4 billion in 2017, compared with ISK 21.7 billion in 2016. Return on equity was 6.6%, compared with 10.5% in 2016.
Arion Bank hf. (“Arion Bank”) and Kaupthing ehf. (“Kaupthing”) announce today the results of a private placement of shares in Arion Bank owned via Kaupthing’s wholly-owned subsidiary, Kaupskil ehf.