Landsbankinn is a leading Icelandic financial institution. It is the largest bank in Iceland, in terms of total assets, with a leading market share in deposits and domestic lending. Landsbankinn offers a full range of financial services and is the market leader in the Icelandic financial service sector with the largest branch network with 45 branches and outlets throughout the country. Landsbankinn provides retail and corporate banking, capital markets services, asset management and wealth management for private banking clients.
Landsbankinn has faced the extensive aftermath of the economic crisis and worked to rebuild trust both in Iceland and abroad. Regulations and supervision of financial undertaking have changed considerably with the aim to ensure effective operations in the long term. The new Board of Directors, elected in 2010, has led this effort along with the new CEO. Substantial changes have been made to the bank’s organisation structure and its managing directors replaced. These changes were made to ensure the implementation of a new strategy and attitude.
Landsbankinn repositioned itself in October last year by introducing a new, forward-looking and ambitious strategy which involves society at large. Landsbankinn wishes to lead the development of a sustainable society in Iceland by integrating economic, social and environmental concerns in its operations. Landsbankinn aims to ensure that both its owners and society at large benefit from its activities. It intends to achieve this aim by building solid infrastructure and a strong team of employees, by listening to its customers and by respecting and encouraging its employees to actively participate in society. Landsbankinn will be a solid financial partner and an attractive investment option that returns a healthy profit to shareholders and benefits society.
Landsbankinn’s after-tax profit amounted to ISK 27.2 billion and return on equity was 17.3 per cent. The bank’s risk-adjusted capital ratio at year end 2010 was 19.5 per cent compared to 15 per cent early in the year. Landsbankinn has focused on reinforcing and improving risk management and on ensuring sustainable operations in order to be able to deal with uncertainty and the various challenges it faces in the future. Landsbankinn’s goals are based on and integral to the bank’s strategy. The bank has created the so-called “roadmap” to ensure goal-oriented management. The roadmap lays out all goals leading up to 2013 and describes the key projects intended to fortify the main pillars of the bank’s strategy: Strong team, solid infrastructure, satisfied customers and benefits to the society and the bank’s owners. Emphasis will be placed on supervision and follow-up through regular measurements to monitor success.
Landsbanki & Sustainability on the web