Íslandsbanki´s Annual General Meeting 2012

27.03.2012 - Financial Results

Íslandsbanki´s Annual General Meeting was held today. In his speech, Chairman of the Board, Mr. Friðrik Sophusson said that the Bank had strengthened its position in 2011 and that its strong capital position had enabled it to operate securely in the tumultuous external environment. He said that Íslandsbanki had worked hard at restructuring the finances of households and companies alike in the past three years. The Chairman said that the Board of Directors had in the past year put placed emphasis on improving the Bank’s governance structure. Among the projects initiated as part of this effort is the detailed mapping of the decision making process within the Bank. The objective is to ensure that systems and processes are in place that minimise risk, support sound business practices, and that the Bank’s governance is on a par with international best practice.

Mrs. Birna Einarsdóttir, Íslandsbanki´s CEO, introduced the Bank´s annual accounts and the highlights of the Bank´s operations in the past year. Birna said that 2011 was another important year for Íslandsbanki where financial restructuring of customers were prioritised. Moreover, the Bank´s business divisions were realigned positioning them to meet increased competition while providing the best service. Einarsdóttir also talked about the merger of Íslandsbanki and Byr. Integration has gone well where the Bank´s harmonious corporate clusters have been a key component. With the merger Íslandsbanki has now achieved the desired market position and operates one of the country´s most efficient networks with 21 branches. Einarsdóttir also said that the rebuilding of Íslandsbanki has progressed well. She emphasised that the Bank´s balance sheet is sound which allows it to operate effectively in ever-changing circumstances. Íslandsbanki is well prepared to support and facilitate the necessary progress of the business sector.

Íslandsbanki´s annual report along with the risk book was distributed at the meeting, both of which may be obtained on the Bank´s website.

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