Business Ideas Centre

There are many reasons why people may choose to use an Internet bank.  One of the primary motivations for using an Internet bank is because some people do not have the time to visit their banks during opening hours.  Aside from the timesaving benefits obtained from using an Internet bank, the whole process of visiting a bank can be tedious. 

Hence, you can opt to use an Internet bank in order to avoid the hassle involved with paying your bank a visit.  If you find that you have a busy working schedule or you simply do not find it convenient to visit your bank, then you might want to consider an Internet bank.  Online banking is a fast and easy way of managing your bank account and it has the potential to save you a lot of time and money.

 By using an Internet bank, you can obtain online access to your bank account details and perform actions such as checking your account balance, paying bills, transferring funds between your accounts, and applying for a wide range of Internet bank products.  When searching for an Internet bank, you should make sure that you go for a bank that has a good reputation in the online banking industry. 

Bearing this in mind, before approaching a separate Internet bank, it is always a good idea to ask your existing bank if they provide online banking services.  It is also worth mentioning that reputable Internet bank sites have encrypted connections. Therefore, online banking not only saves you time, but also provides you with a safe and secure environment for managing your bank account.

There are many reasons why people choose to use Internet online banking.  However, the primary reason why one should consider using an Internet bank is because online banking can save you both time and money.  If you are considering online banking, then you should first approach your existing bank to find out if they also provide Internet bank services. 

This is because many accredited literal banks also offer personal online banking to their clients.  There are also a variety of Internet banks online that deal specifically in online banking.  Just by typing the appropriate keywords in a good search engine, you will be presented with a long list of Internet banks that you can choose from.  It is vital to ensure that you choose an Internet bank that has a track record of competence and good customer service.

Moreover, you should consider choosing online banking if you find that you never have time to visit your bank during opening hours.  This is because online banking will enable you to access your account from anywhere and at anytime provided you have an Internet connection. 

With an Internet bank service, you can perform miscellaneous banking actions such as checking your account balance, ordering paper bank statements, transferring funds between accounts, paying bills, and applying for online banking products and services.  It is also worth mentioning that accredited Internet banks have encrypted connections, which ensure the security of your personal information and financial details.  You can obtain online banking for free since most Internet banks provide their services free of charge.

 

A good banking relationship can reduce the stress on a small business owner. Be sure you have the right banker before you open your small business bank account.

If you are a small business person, looking to start a banking relationship, there are a number of things you should consider before you choose your bank.

Remember, this business relationship should last a long time, so you want to know you will have the banking services and options you need, or you will find yourself changing banks. And that can be a real hassle!

First, look at your business plan, and see where you intend to go with this business. Will your bank be able to support you if you are going global? Do they have international branches? Can your prospective bank handle import and export letters of credit, etc?

If your business is domestic, your business bank is still important. Does a small business account at your bank require a minimum balance at all times? If so, what are the penalties you will pay on a monthly basis if you do not maintain that bank balance?

Does your bank charge for wire transfers in and out of your bank account? If so, how much does the bank charge?

Does your banking institution provide online banking, so you can pay bills, transfer money in and out of your account and make other banking transactions?

If online banking is available, can you schedule monthly payments to your regular vendor accounts so you can save time in bill paying and avoid having to set reminders to pay those bills on time?

Can you download your banking reports and records of banking transactions into business bookkeeping software so you can be more productive and you don’t have to re-enter data from one system to another?

How many branches does your bank have and where are they? Are these convenient to where you do business?

Will your bank provide you with a personal account manager who will help you make business decisions and support your business as it grows?

What kind of business loans does your bank offer and what are their rates? Will your bank help you put together the appropriate loan packages with supporting documents so that the loan is likely to be approved?

Can you get a line of credit pre-approved by your bank so that you have money available for those unanticipated purchases?

Does your bank offer Accounts Receivables financing so you can buy inventory or stock in advance and wait for customers to pay their bills without your business going under?

Can you reach someone in your bank 24 x 7 if you have a question and you need to call from another time zone?

Can your bank support investment accounts and checking/savings accounts to give you a full service suite of banking options for your business needs?

What other business services does your bank offer to the small business person? Get a brochure and sit down and talk to an officer about these and all of your other questions.

Before you open that small business bank account, compare one bank against another to find the one that best fits your needs and fulfills your requirements. You will be happy you took the time to go through this process.

When you start off looking for a mortgage it can very quickly become confusing. There are so many different mortgage products on the market at any one time that its hard to know which one is the one for you.

One of the products that you will probably research is bank rate mortgages. They can raise a whole host of questions in their own right so read on and try and clear the air regarding bank rate mortgages.

Why do bank rate mortgages vary? What makes the interest rates of these bank rate mortgages rise? What makes those of bank rate mortgages fall? These questions race through our minds whenever we are faced with a financial situation that requires us to understand a little bit more about bank rate mortgages.

The answer is simple enough. Bank rate mortgages are moved by several factors that are different from but are somehow connected with each other. Not surprisingly, one of these factors that affect the movement of bank rate mortgages is you – the consumer.

Bank mortgage rate money come from any number of sources. Bank mortgage rate money may come from deposits at banks and brokerages. Most bank mortgage rate money comes from investors who comprise the collective term, “capital markets.” These capital markets are where the purchase of debt instruments like bonds and bank rate mortgages are done.

To attract investors, sellers of bank rate mortgages and bonds in these capital markets compete with one another. This is done by providing their consumers with a variety of products, such as bonds and bank rate mortgage. These bank rate mortgage products have varying levels of risks and gains over given periods of time. In turn, these offerings compete with other investments which possess certain similarities in terms of performance. These include US Treasuries, corporate bonds, foreign bonds, bank rate mortgages, and others.

The bank rate mortgage investors act like typical consumers. That is, like you, they want two opposing things: low payments on their bank rate mortgages and high returns on investments. The demands of these investors play a significant role in moving the yields of the bank rate mortgage markets. The marketplace for bank rate mortgages is crowded because investors literally have hundreds of places to put their money into.

Sellers of various products like bank rate mortgages compete with others for those investor dollars. Demands for specific products, e.g. bank rate mortgages, rise and fall according to the changes made in the investment strategies. For instance, if demand for bank rate mortgages falls, a change needs to be done to attract investors again. And this is usually done by raising interest rates on bank rate mortgages.

Then again, bank rate mortgages are never that simple. The market makers of bank rate mortgages do not have the investors alone as their client. The other half of the coin is the home buyers. These two clients of bank rate mortgage markets take opposing sides when it comes to investments. The investors want the highest possible return on their investments. On the other hand, the home buyers want the lowest possible interest rates on their bank rate mortgages. The result is a virtual tug-of-war.

As interest rates of bank rate mortgages decline, the interest of investors and home consumers alike are tweaked just a little bit. But this all depends on the direction of the economic growth, inflation, appetite for the given product, and several other factors. A typical outcome of lowering rates for bank rate mortgages though is lesser interest on the part of the investors. No investor would put down in his book a bank rate mortgage with a low interest rate.

Banks are often considered to be the best treasurers. Selecting a bank is a crucial decision and it should not be influenced or impulsive. There are a number of financial institutions offering multifarious fringe benefits to customers. Sometimes choosing the right bank becomes an overwhelming task. It does not matter what account you intend to open, you need to conduct a proper research on the options available, before deciding on a particular bank.
Your primary concern should revolve around the ability of the institution to meet your specific need. In addition to this, it is essential to determine the annual banking charges involved and the standard of service that a particular bank offers. It pays to call and take an appointment with a bank executive to get an idea of the standard of customer service provided by the bank.
Tips for selecting the right bank for you:
There are several tips on how to select the appropriate bank for you, one that would provide you with the best possible service and benefits. The basic tips are as follows:
Shop around
It is necessary to shop around for a bank that would offer the services you expect. It is beneficial to opt for a bank that is insured by the FDIC. The insurance is a guarantee of insurance up to $100,000.
Bank Fees
There are different fees attached to the various services offered by the bank. Banks try to make their profit from the funds generated via these fees. The fees that you need to enquire about are ATM fees, flat monthly fees, overdraft protection fees, fees charged on using ATMs that do not belong to your bank and commission charged if you stop payments on checks. In addition to this, some banks even charge a fee for writing checks, dropping below the minimum balance fees, canceled checks, monthly statements, inquiries on the bank balance and closing of your account.
Location
The location of the bank is very important. It is essential to have easy accessibility to the bank you choose, for conducting and monitoring your monetary transactions regularly. Sometimes, the banks charge extra fees for using an ATM machine that does not belong to them. It is very important to deal with a bank situated at a convenient distance from your residence, to ensure an effortless access to your money.
Online banking
Online banking has evolved as a major necessity for avid Internet users. It makes the banking transactions more convenient, as you could pay bills online, check your bank balance, transfer funds from one bank account to another and link onto other financial institutions from home.
Details of a bank account:
Most banks offer different types of checking and savings accounts. It is beneficial to opt for a bank that charges low or no fees to write a check, if you frequently transact that way. If you believe in saving, you need to search for a bank that offers a good rate of interest on the savings account.
You should conduct adequate research on the various pros and cons of selecting a particular bank.

Today Panama has become the Switzerland of Latin America. There are 150 banks in Panama many of which have their name on a 40 story modern skyscraper. Panama is often touted as having the best banking secrecy laws in the world. This author believes this to be true and we will address the bank secrecy laws of Panama in depth.
The first important point to look at is the existence of any tax treaties that Panama may be in with any other countries. This is an easy topic since Panama has no tax treaties with any other countries. Tax treaties can be privacy invasive for a banking client. Under some treaties the bank must collect a certain percentage of taxes from interest income paid to the clients and this money is turned over to the client’s home country. Other treaties call for an exchange of information so if a requesting country wanted to gather certain facts about a bank account or if a certain constituent of theirs had a bank account the bank would be obligated to provide the information. The European Union Withholding Tax Treaty is a very relevant treaty.
The next type of treaty one must look at is called the Mutual Legal Assistance Treaty, or MLAT. This treaty allows countries to request information from other countries in the treaty. The general way this type of treaty operates is through diplomatic channels. Panama is in such treaties. The requesting country must have a criminal case on file in the national courts of their country. They would then cite this case already in their criminal courts when the request for information is made. The requesting country would a need to show that the requested information about the Panama bank account is absolutely required to successfully prosecute the case and that the requesting country has no other way to obtain such evidence. Then the request is considered by Panama. Panama may ask for more information. Panama could deny the request on whatever grounds they wish to use. Panama could also decide to conduct their own investigation because they feel that some Panama laws may have been broken and delay the MLAT request until after they have concluded their investigation which may be some years. The statue of limitations could expire before Panama completed their investigation. This is not to say that Panama is in the habit of thwarting requests for information but Panama does have a right to investigate crimes that took place in their jurisdiction. As a result of these investigations they could confiscate assets and prosecute individuals under their own laws.
For the MLAT to take effect the violation in question must be a crime in both the requesting country and the country the information is requested from. Various MLAT treaties have all sorts of details and exceptions and should be read individually if you are seriously interested in a particular treaty. Panama not only has no tax treaties with any other nation but all income tax related offenses in Panama are civil offenses only, not criminal offenses. So tax matters are not a crime in Panama. Thus Panama does not participate in requests for information in tax offenses. Panama does cooperate in certain areas freely. If one acts fraudulently while in the capacity of a fiduciary in a financial relationship Panama will cooperate. Panama also cooperates in cases of narcotics trafficking, money laundering, terrorism and child pornography.
The Panama Bank Secrecy laws are contained in a number of different legal statues. We will go through some of the relevant ones:
The Panama National Banking Commission was formed by Cabinet Decree 238 of July 2, 1970.
Article 74 of Decree 238 deals with protecting the privacy of Panama bank clients. It states that the Commission is prevented from conducting or requesting investigations concerning the banking affairs of any bank clients. Any data obtained by the Commission in the course of its normal regulatory functions may not be revealed to any person or authority, except if subpoenaed in accordance with the legal provisions in force (Panama Court Order required). If a violation of this occurred Article 101 of this Cabinet Decree contains provisions for the dealing of such a violation.
Article 101 of Cabinet Decree 238 states that:
“Any person who furnishes information in violation of this Cabinet Decree, or who violates any of the prohibitions established in it, for which no specific punishment is provided for, shall be subject to a monetary fine as determined by the Banking Commission, without prejudice to applicable criminal and civil liabilities.” This is fairly strong language.
Article 65 of Cabinet Decree 238 deals with how the National Banking Commission may gain access to documents relating to the bank’s operation, not individual records of banking clients. The Banking Commission needs to regulate the banks financially and thus inspect their books but this is mandated to be done on a collective basis, thus the books for the bank as a whole are inspected not the records for an individual account holder at the bank. The Banking Commission may not examine or inspect any type of individual deposit accounts, nor the securities held in custody by the bank for clients, nor the safe deposit boxes belonging to clients and their contents, nor the documents associated with receiving credit from the bank, unless there is a Panama Court Order in place that specifically authorizes such inspection or examination according to Article 89 of the Panama Commercial Code.
Panama statues specify that bank secrecy may be lifted by a Panamanian court through Article 89 of the Commercial Code. This is not a commonly invoked procedure but is possible concerning serious criminal activities.
Articles 168 and 170 of the Panamanian Criminal Code contain two sections which enables criminal prosecution for violation the privacy of Panama banking clients:
Article 168. Any person that is in legitimate possession of correspondence, records or documents which are not intended for public knowledge and notwithstanding discloses said correspondence, records or document without proper authorization, even in the event that they were addressed to him, shall be subject to prosecution, whenever such disclosure might inflict damage.
Article 170. Any person that in the course of his occupation, employment, profession or activity obtains knowledge of confidential information that in the event of being made public could inflict damages, and such person discloses that information without the consent of the concerned party; or in the case that disclosure of such information were not necessary to safeguard a higher interest, shall be punishable by imprisonment of 10 months to 2 years or a comparable fine, and the inability to practice his occupation, employment, profession or activity for not more than 2 years. One can readily discern that this would cover Panama Stock Brokers, and Panama Banks including all the employees and officers. This could also be construed to cover Directors of Panama Anonymous Bearer Share Corporations and Council Members of Anonymous Panama Private Interest Foundations.
Panama has done away with numbered bank accounts as have the rest of the offshore tax haven jurisdictions. This is due to pressure from FATF, the Financial Action Task Force. FATF is a private entity that unofficially dictates anti-money laundering statues to the banks worldwide. Numbered accounts are no longer allowed.
Panama through the use of anonymous Bearer Share Corporations accomplishes practically the same privacy as the old numbered bank account. The banks around the world including those in Panama must know who their customers are. This usually means getting identity documents such as passports, driver’s licenses, national identity cards, and letters of reference from banks and businesses. The Panama Bearer Share Corporation is anonymous in that there is no reporting or recording of any stock ownership records in any registry or database thus it is impossible to determine who the natural persons are behind the corporate veil. This means when international wire transfers are sent only the name of the anonymous corporation appears in the wire, the true owner of the account is not revealed for the world to see same as it was when numbered bank accounts were allowed. With regards to writing checks the same applies assuming the signatory signs the check in a hard to read manner. To provide for more privacy Panama only allows an attorney to form a corporation or foundation. This cloaks the formation of the corporation with Panama attorney client privilege further protecting the owners of the corporation or foundation with an additional layer of privacy. In most tax haven jurisdictions the formation of a corporation handled by a corporate agent which does not provide privileged communication to protect the identity of the person owning the corporation.
One can readily see why Panama has become the new Switzerland of Latin America.
For more information, please visit:
http://www.panamalaw.org
email at: panamalegal@hush.com

Banks provide banking services for profit. The banking services comprise of receiving deposits of money, lending out money and processing various transactions. These are the services which banks conventionally follow. However, some banks issue banknotes also as legal tender and many offer ancillary services like selling insurance products, investment products and stock broking for earning additional profit. Presently, the business of banking has become regulated and banks require authorization to trade in most jurisdictions.

The advent of online banking

Today banks are no more simple bookkeeping concerns as they were initially set up as. Now there are the electronic records involved in all spheres of banking activity together with the usage of sophisticated technologies. Tested and fool proof methods have come to be used now for monitoring all banking activities. Advanced technologies have made the wide range of banking services-from transactions to accessing of the accounts much more easy and convenient. And now all these have converged into online banking.

Online banking has emerged as the best and most suitable of all technologies employed in banking by incorporating all advancements. Online banking involves the use of personal computers to access the accounts and ATM cards for withdrawing money. It does away with the necessity to always seek the bank authorities’ approval for carrying out the various transactions.

Online banking services

Though all the established banks having a multinational presence offer online banking services some small banks having a low consumer base may still not be offering this. In order to secure an online bank account the concerned banks offering these need to be consulted. An online account application is often called for in order to review the financial rating of the online bank account aspirant. Having a good credit rating will help one stand in good stead in starting up the online account.

Upon securing an online bank account one can avail of the various net banking facilities. The account holders will be handed the account name/number together with the secret password/PIN. This account can be accessed from a (personal) computer conveniently. In this way one can easily start making good use of the many online banking services available via one’s online account.

With banking services going online a new era of banking is fast emerging. Indeed, banks will expectedly soon become online entities for us and the queues and hassles which are oft faced at a bank counter will be a thing of the past.

Contrary to what most offshore service providers will tell you, opening an offshore bank account is not the path to instant wealth and riches, although it might get you there a little quicker. In this article I will attempt to set out the advantages and disadvantages of opening and maintaining an offshore banking facility and how you can use this vehicle to enhance and protect your personal wealth.
Initiallly, you will need to sit down and determine exactly why you require an offshore banking facility. Many people are attracted by the lure of having a secret offshore numbered account or merely want to have an impressive facility to pander to their own ego’s. If you fit into the above criteria I sincerely suggest that you seek your gratification elsewhere as you will be eventually left with an empty pocket and account.
Generally, most people seek to hide or protect their assets through the use off an offshore account or they may simply be using it to not repatriate profits back to their home country. These are all valid applications and when structured correctly can maintain a veil of secrecy over your banking operations. It is advisable that whichever need your offshore presence fulfills that you determine if the cost of maintaining an account is offset by your need.
As a prospective account holder you need to clearly understand that opening and maintaining an account is neither cheap nor easy. The fees will vary from bank to bank but generally speaking you will find the relative fees to be more exhorbitant than your home jurisdiction. Try not to be deterred by any difference between bank’s fees as in the offshore market you really do get what you pay for and if you have followed my prior advice and quantified a strategy then the long term cost will be minimal.
Finding and Selecting an Offshore Bank
The search for an appropriate offshore facility can be long winded and confusing without a little assistance.There are many different types of banking institutions but for the purposes of this article we shall only consider the retail offshore bank. Retail offshore banks are generally those that cater to smaller accounts for individuals rather than corporations and this is the perfect vehicle for your first account.
When selecting a bank you first need to consider which jurisdiction(country) is most appropriate for your needs. Firstly, you will need to determine if your country of residence has any information sharing treaties with a prospective jurisdiction. As you can imagine, the last thing you need is your bank of choice giving up all your account details and transactions to your home countries Tax Department. You can generally obtain information on the tax treaties and relevant country details by accessing various expat websites and viewing the country profiles.
After finding a suitable jurisdiction, you can start looking at individual banks and what they require and offer to new account holders. I would initially caution you to stay away from any small boutique style banks as it can be difficult to know if the bank you are signing up with actually exists. Without significant research a legitimate looking bank website can actually turn out to be fraudulent. Start by looking at major of known banking names in that country. Most offshore banks maintain a web presence and the use of the internet can speed up the process of finding a bank. Any legitimate bank will provide a verifiable address and client contact phone number, any sites that do not maintain valid contact details are most assuredly fraudulent.
Once you have viewed and selected some suitable institutions then take the time to either email or ring them and ask the following questions:
* What are their ID Requirements
* What is the minimum opening balance
* Do they provide Internet Banking
* Do they require professional references (bank references etc)
* Ask for a schedule of Fees
The above minimum will give you a good feel for whether the bank is honest and legitimate. Any institution which does NOT require identification to open an account will most defanitely be a scam. Generally, they will require you to provide a notarized copy of your passport and proof of a current address, for instance a utility bill. Some banks may require a reference letter from a lawyer,accountant, or current bank who are familiar with your affairs. The minimum account balance will vary from bank to bank and can range from a meagre $500 USD up to $50,0000. Again this is something that will need to be researched to fit your individual need.
TIP: Always choose a bank with good internet and phone banking, you cant just walk into a branch when you need to.
After submitting an application to your choosen bank along with your identification and proof of address you should be set up and working within two weeks. It is paramount that if you are to maintain your account secrecy that you do not advise nor tell anyone of the account. It is also advisable that you do not receive the bank statements at your home as a few errant statements laying around is the smoking gun that the IRS needs to nail you. This is where internet banking is paramount and its really advisable to only receive your account statements online.
You will find that ultimately offshore banks are extremely easy to deal with and provide an excellent range of privacy related services. Which bank or jurisdiction you choose is ultimately governed by your personal needs and risk assessment. I hope that this article has been a good primer on what is required to step into the offshore banking world.
Some Sample Offshore Banks
Berner Kantonal Bank – Switzerland
ANZ Vanuatu
HSBC Offshore – Hong Kong
Loyal Bank – St Lucia
Reitumu – Latvia
Parax – Lativa
Wall Street Banking Corp – Cook Islands

Internet banking is the new buzz word around the corner. Forget traditional banking and the way you used up to queue to get the transactions done. Internet banking is here to change that all. Now banking is no more taking out time from your schedule and to start with finding a place in the car park and then waiting for your turn to get to the counter. Internet banking gives you the freedom to do banking at your finger clicks.

The easiest and the safest way of banking is here. Introduce yourself to internet banking. Now you can do the transactions sitting right into your office cubicle or from your home. It can be said that with this the new era of banking has arrived and for the better of it. Internet banking is simple for anyone who has a access to internet. It certainly is beneficial compared to the traditional way of banking. You simply use internet instead of using paper or phone to access your account and can enjoy it from virtually anywhere, even if you are on a vacation to Bahamas. Secondly you can have the reports like your account information, monthly statements, reconciliation reports etc. whenever you want to access. No calling up to the bank or the customer care to get a work done, everything is conveniently at the fingertips.

The major concern of a few was the security of Internet banking which is till now well addressed by the security applications or firewalls used by the banks providing this facility or the online banks. Every transaction made through internet banking is completely safe and can be relied upon. Although there are some issues which one need to understand to keep the security levels high. You should try to avoid accessing your account from unsecured lines or machines. In any case do not revel your banking ID and password to anyone even if trying to pose a bank employee. These are the few things which make your internet banking experience wonderful and safe.

There are many benefits of using internet banking like

• It saves a lot of time and effort.

• Can transact with the click of a button.

• Completely safe and secure.

• Fewer fees with most of the services rendered free.

• Can coordinate with your financial software.

• Easy to understand and to use.

• Scores more points over traditional banking.

• Useful for everyone.

That’s why internet banking is a popular service now used by millions of account holders worldwide. Now with the fast growth in the number of users opting for internet banking a no. of online banks is building up to provide service to the customers. These online only banks are virtual but provide quality service to customers offering them with many new and exciting features

Kaupthing Bank is a northern European bank offering integrated financial services to companies, institutional investors and individuals. These services include corporate banking, investment banking, capital markets services, asset management and comprehensive wealth management for private banking clients.

Kaupthing Bank was formed by the merger of Kaupthing and Búnaðarbanki Íslands in 2003 and is the largest bank in Iceland. The bank operates in ten countries, including all the Nordic countries (Denmark, Faroe Islands, Finland, Norway and Sweden), Luxembourg, Switzerland, the UK and the US. The bank is the eighth largest bank in the Nordic countries in terms of market capitalization and it employs over 2,500 people and maintains 36 retail branches in Iceland.

In recent years, Kaupthing Bank has been one of the fastest growing financial groups in Europe. The Bank’s expansion has been achieved through sound organic growth and a number of strategic acquisitions. The most recent acquisitions are those of FIH Erhvervsbank in Denmark in 2004 and in 2005 the UK bank Singer & Friedlander, now Kaupthing Singer & Friedlander. The aim of this growth is to further enhance the Bank’s ability to provide comprehensive services to its client base in the UK, Scandinavia and elsewhere in northern Europe.

As of December 31st 2006, the bank had total assets of €42.9 billion. In 2006, it ranked number 1,006 on Forbes Global 2000, which is an annual ranking of top 2000 corporations in the world by Forbes magazine. The same year, it ranked number 177 (up by 34 seats from 2005) on the list of the world’s largest banks composed annually by the international finance magazine The Banker.

In 2006, Kaupthing Bank had net earnings of €971 million, compared with €659 million in 2005. About 70% of the operating profit originated outside of Iceland (30% in Iceland, 34% in the UK, 26% in Scandinavia, 8% in Luxembourg and 2% in other countries).

The Name

The bank is known as Kaupthing Bank outside of Iceland. In Iceland, its official name is Kaupþing Banki hf. formerly, its official name was Kaupþing Búnaðarbanki hf., but the name was changed as the former name was considered too unwieldy for most people. From 2003 to 2006 the company used the name KB banki for its retail operations in Iceland. In December 2006 however, the bank started using the old name of Kaupþing for its network of high-street bank. It was announced that the change was part of the bank’s plan to operate under the same name everywhere. [4]

History

Founded in 1930 Búnaðarbanki Íslands was publicly owned from its inception and was privatized by the government in stages between 1998 and 2003. Kaupþing Bank was founded in 1982. Four years later, it was one of the founding members of the Iceland Stock Exchange. Half of the bank was sold to the Icelandic savings banks in 1986. The other half was sold to Búnaðarbanki Íslands in 1990, which sold its shares to the savings banks in 1996. The savings banks began selling its shares to the public on the stock market in 2000.

Acquisitions, mergers, subsidiaries

- 1982 Kaupthing hf. founded in Iceland

- 1998 Kaupthing Luxembourg, S.A. opened

- 2000 Kaupthing Faroe Islands opened, Kaupthing New York opened, Kaupthing Stockholm opened

- 2001 Kaupthing Bank Copenhagen opened, Kaupthing Lausanne opened, Sofi acquired in Finland

- 2002 Aragon acquired in Sweden, JP Nordiska acquired in Sweden, Auðlind acquired in Iceland

- 2003 Kaupthing merges with Búnaðarbanki Íslands to form Kaupthing Bank, Tyren acquired in Norway, Norvestia acquired in Finland, Kaupthing Limited opened in the UK

- 2004 A. Sundvall acquired in Norway, FIH acquired in Denmark

- 2005 Singer & Friedlander acquired in the UK

- 2006 Kaupthing Limited merges with Singer & Friedlander to form Kaupthing Singer & Friedlander in the UK