1. We have recently purchased Iceland’s leading insurance company, Sjova-Almennar, which will become a wholly-owned subsidiary of Íslandsbanki and one of the bank’s business units. The acquisition is a part of our effort to meet increasing demand from customers for comprehensive financial services and to provide a complete overview of their financial affairs, including insurance. The medium-term outlook for the Icelandic economy is bright, so our strategy will be to strengthen our domestic position while expanding internationally in areas that we have defined as our niche.
2. There have been some concerns that providing both investment banking and commercial banking services may lead to conflicts of interest within banks. One of the challenges facing universal banks is to prevent such clashes, but at the same time meet clients’ needs for complete financial services. This demands a solid organisational structure, strict working procedures and strong corporate values. We have always put great emphasis on these issues and been rewarded with customer loyalty and trust. Our mission is to protect that trust.