The Icelandic bank Kaupthing, which has been known as Nýja Kaupthing, or New Kaupthing, since it was taken over by the state in October 2008, has now been re-branded as Arion Bank, as announced on Friday.
A press release from the bank explained that the new name originates in Greek mythology and indicates resilience, cooperation and recurrence. The name was chosen after an in-house competition where more than 200 suggestions were made, mbl.is reports.
A new policy and new values come with the new name, the bank states. It will now be guided by professionalism, progression, caring and loyalty, where its customers will be prioritized.
“We are in a certain sense leaving the old behind and are going to face challenges in society head on. The goal is to build a solid, powerful bank, which works with and for the people of this country,” commented director of Arion Bank Finnur Sveinbjörnsson.
The cost due to the re-branding will be minimized. The look of branches will gradually change in the coming weeks and new material will be designed while older supplies are finished.