Icebank hf has changed its name to its former name, Sparisjóðabanki Íslands hf. This is only a name change and does not have an effect on the ownership of the Bank.
Icebank is a commercial bank, focusing on wholesale and investment banking services to savings banks, Icelandic and foreign financial institutions and other large customers. The Bank operates in the areas of trade finance and foreign exchange, payment services, treasury services and funding with the aim of providing outstanding services to a select group of Icelandic and foreign customers. The Bank achieves competitiveness and profitability through specialisation. Even though its banking licence does allow it, the Bank has never offered retail services.
Icebank focuses on specialized lending (projects, real estate development, M&A) in Iceland and abroad, FX and derivatives trading and corporate finance advisory. Lending abroad has risen rapidly in recent years. The acquistion of Behrens Corporate Finance in late 2007 was an important step in the development of the Bank's corporate finance advisory capabilities. Behrens operated offices in Riga, Latvia and Vilnius, Lithuania and they became the Bank's first offices abroad.
Icebank’s staff will show ambition in striving for success for customers, shareholders and the Bank by valuing:
Icebank’s customers fall into two broad categories, i.e. savings banks and other financial institutions on the one hand, and other customers on the other hand.
The Bank acts as a central institution for the savings banks, playing the role of a clearing bank and a treasury department for most of them. Furthermore, Icebank has been the backbone of the savings banks’ trade finance and foreign exchange operations. It has participated with them in larger lending projects, either by assuming all the risk itself or acting as a co-lender. Savings banks have always been able to borrow short-term or long-term from Icebank in any currency and place their liquid funds with the Bank. Finally, Icebank provides the savings banks with expertise in various areas, such as accounting, payroll services, legal, trade finance, foreign exchange, money markets, capital markets and lending.
The central theme of the Bank’s new strategic vision is that the future growth of the Bank will come mainly from servicing other customers than the savings banks. The Bank provides companies, professional investors and other large customers, both in Iceland and abroad, with a wide range of services, including long-term credits, foreign exchange and derivatives. It also supports Icelandic companies that are building up operations abroad through advice, lending and equity participation, while at the same time taking part in various types of syndicated loans and structured finance both in Iceland and abroad.