Eik Banki

Source: Wikipedia, the free encyclopedia.
Eik Banki Føroya P/F
ProductsBanking, investment management
Decrease (DKK 297.3 million) (2009)[1]
Total assetsDKK 21.59 billion (2009)[1]
Total equityDKK 1.344 billion (2009)[1]
Number of employees
330 (FTE, 2009)[1]
Websitewww.eik.fo

Eik Banki Føroya P/F is a

insolvent, with its Danish retail banking
operations being sold later in the year to the regional bank Sparekassen Lolland.

History

Eik was established in 1832 as a

stock exchanges
as Eik Banki P/F.

In Denmark, Eik Banki founded a subsidiary bank, Eik Bank Danmark A/S. In 2007, Eik Bank Danmark acquired the Swedish Skandiabanken branch in Denmark. Skandiabanken is the leading Danish internet bank in Denmark, with around 120,000 customers. Skandiabanken was merged into Eik Bank Danmark in December 2007. In the same month Eik Bank acquired the Faroese operations of Kaupthing Bank.[2]

The company and its Danish subsidiary were taken over by the Danish banking regulator in October 2010 after failing to meet solvency requirements set by the Financial Supervisory Authority.[3] Trading in the company's shares and bonds was suspended on the news, and Eik Banki's listing on the Nasdaq OMX Iceland exchange was subsequently cancelled.[4] Subsequently 70% of the bank's shares were sold to Tórshavn based TF Holding for DKK 572 million.[5] The bank later became Betri bank. Three of Eik's managers were fined DKK 150 million in 2019.[6]

The retail banking operations of the company in mainland Denmark (Eik Bank Danmark A/S) were sold by the state to the regional bank Sparekassen Lolland for DKK 365 million on 17 December 2010.[7]

Operations

After the sale of Eik Banki's Danish retail banking operations in December 2010, the company's principal remaining businesses are a retail and commercial banking network in the Faroe Islands and ownership of the leading Faroese real estate brokerage company, Inni P/F.

References

  1. ^ a b c d "Annual Report 2009" (PDF). Eik Banki. Retrieved 2009-06-12.[permanent dead link]
  2. ^ Johnson, Simon (28 December 2007). "Iceland's Kaupthing Sells Faroes Unit". Reuters. Retrieved 2009-01-03.
  3. ^ Acher, John; Levring, Peter (1 October 2010). "Danish authority takes over Faroese bank Eik Banki". Reuters. Retrieved 2 November 2010.
  4. ^ "Shares issued by EIK BANKI P/F removed from trading". Nasdaq OMX Iceland. 23 December 2010. Retrieved 31 December 2010.
  5. ^ "Finansiel Stabilitet i færøsk kamp om Eik Banki" (in Danish). Dagbladet Børsen. 1 June 2015. Retrieved 13 November 2015.
  6. ^ "Eik bank managers fined DKK 150m". Kringvarp Føroya (in Faroese). 20 November 2019.
  7. Dow Jones Newswires
    . Retrieved 31 December 2010.

External links

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