Iceland’s Banks Leaving the Country? Skip to content

Iceland’s Banks Leaving the Country?

Edda Rós Karlsdóttir, manager of the research department of Landsbanki Bank, wrote in an article in Markadurinn business weekly yesterday that considering the current economic situation in Iceland, the commercial banks were bound to consider relocating their headquarters.

Another option would be to transfer assets and operations to daughter companies abroad, provided the situation would not improve, which could only happen if the Central Bank increased its foreign currency reserves or if Iceland adopted a new currency, Fréttabladid reports.

In response to Karlsdóttir’s article, co-CEO of Landsbanki Bank Sigurjón Árnason told Fréttabladid that relocating the bank’s headquarters, assets or operations away from Iceland had not been discussed within the bank.

CEO of Glitnir Bank Lárus Welding also said Glitnir is not about to move out of the country. “We have not looked at that in any detail although certain questions on the operational conditions of Icelandic companies and financial institutions have indeed surfaced.”

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