Bank donates cultural center to Dalvík Skip to content

Bank donates cultural center to Dalvík

The savings bank Sparisjódur Svarfdaela, which has its headquarters in Dalvík in northeast Iceland and one other office on the nearby island Hrísey, decided to donate a cultural center to its home town due to record profits.

This is the first time that a financial institute has made such a donation, so a special allowance was needed from the State Financial Supervision Department. The cultural center is estimated to cost ISK 200 million (EUR 2.2 million, USD 3 million), RÚV reports.

Sparisjódur Svarfdaela is a small institute with only eleven employees and two offices. But it had a record profit of ISK one billion (EUR 11.2 million, USD 14.8 million) last year, mostly due to a rise in stocks.

The planned cultural center will be 700 square meters and facilitate a library, café, information center and a hall, which can be used for various events, including concerts. Sparisjódur Svarfdaela’s donation equals 20 percent of its profits from last year.

Director of Sparisjódur Svarfdaela Fridrik Fridriksson told RÚV: “Our policy is not for a few individuals to own the savings bank, and not for a few individuals to walk away with millions in profit […]. Sparisjódur is the property of the community.”

Head of Dalvík town council Anna Sigrídur Hjaltadóttir said: “This [cultural center] will enrich the cultural life and increase the togetherness of townspeople.”

Sign up for our weekly newsletter

Get news from Iceland, photos, and in-depth stories delivered to your inbox every week!

* indicates required

Subscribe to Iceland Review

In-depth stories and high-quality photography showcasing life in Iceland!

Share article

Facebook
Twitter