According to a recent report from the Central Bank of Iceland on economic stability, the Icelandic investment banks Glitnir Bank, Kaupthing Bank and Landsbanki, influence the economy in Iceland positively through their expansion into foreign markets.
According to the Central Bank, the three investment banks have followed different strategies for expanding into foreign markets and invested in different countries, thus contributing to economic stability in Iceland, Morgunbladid reports.
Together the three banks hold 45 percent of their total assets abroad, which at the end of 2006 were worth about ISK 3,800 billion (USD 62 billion, EUR 46 billion).
The assets of Kaupthing Bank’s subsidiaries overseas were worth about ISK 2,500 billion (USD 41 billion, EUR 30 billion). Glitnir Bank’s foreign assets were worth about ISK 800 billion (USD 13 billion, EUR 10 billion) and Landbanki’s assets about ISK 500 billion (USD 8 billion, EUR 6 billion).