NIB and Landsbankinn start a new SME facility
NIB and Landsbankinn hf. have signed a new seven-year loan programme totalling USD 75 million (ISK 7.8 billion) for the financing of small and medium-sized enterprises (SMEs) and environmental projects in Iceland.
The seven-year loan programme will finance SMEs in various sectors, for instance, the fishing industry, real estate and tourism. Individual allocations of the funds in the facility will be selected on the basis of how well they conform to NIB’s mission to improve the competitiveness and environment of the Bank’s member countries.
This is the second loan programme NIB has provided to Landsbankinn. The funds of the first facility, agreed in 2015, have been allocated in line with NIB’s mandate.
“Our cooperation with Landsbankinn in reaching Icelandic SMEs has proved very successful, and we are happy to continue our joint effort in a new programme”, says Henrik Normann, NIB President & CEO.
“The loan programme from NIB strengthens and further diversifies the foreign currency funding of Landsbankinn. It is further testament to the increased confidence foreign debt investors have in Landsbankinn. Our collaboration with NIB has proven very successful and will continue to benefit our customers as well as support the Bank's policy on corporate social responsibility”, says Lilja Björk Einarsdóttir, CEO of Landsbankinn.
NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.
Landsbankinn's after-tax performance was negative by ISK 3.3 billion during the first half of 2020, compared with a profit of ISK 11.1 billion during the same period in 2019. Loan impairment amounted to ISK 13.4 billion during the period, equal to about 1.1% of the bank‘s loan portfolio, compared with an impairment of ISK 2.4 billion in the same period last year.More
The international business and finance magazine Euromoney has chosen Landsbankinn as the best bank in Iceland, and this is the second year in a row that the bank receives this recognition. More
In the first three months of 2020, Landsbankinn's after-tax results were negative by ISK 3.6 billion, compared with an ISK 6.8 billion profit for the same period in 2019. Loan impairment amounted to ISK 5.2 billion in the period, compared with impairment of ISK 1 billion in the same period last year. More