Landsbanki

Landsbanki ( in Iceland also: Landsbankinn ), full name Landsbanki Íslands, is the oldest and second largest of the Icelandic banks.

It was founded in 1885 and was also responsible for the issuance of bank notes from 1927. However, coins remained the monopoly of the Treasury. The Landsbanki had thus the status of a Central Bank. This task was given in 1961 by a decision of the Althing of the newly formed Icelandic Central Bank. Although it was still owned by the State, it was merged with Samvinnubanki. The company was eventually privatized in several stages between 1998 and 2003. 44 % of the bank belonging to the family of Björgólfur Thor Björgólfsson, which is used as a sole Icelanders on the "Forbes rich list ".

Landsbanki currently has 52 stores throughout Iceland.

The company holds 20 % of shares in the Swedish investment bank Carnegie.

Completion

On 7 October 2008 Landsbanki was taken over in the course of action to avoid a national bankruptcy of the Icelandic financial supervision. The Luxembourg subsidiary Landsbanki Luxembourg SA has filed bankruptcy on October 8, 2008. On 9 October 2008, the Icelandic part of the bank was spun in the NYR ( = new ) Landsbanki and 27 October 2008, the insolvency of the residual Landsbanki was declared.

After intervention of the Luxembourg banking union ALEBA was judicially determined that the Luxembourg bank had violated labor law when they dismissed 122 employees in December 2008 without any social plan on the spot.

Sued in a court in Paris by private investors for fraud, the Luxembourg bank must pay a deposit of 50 million euros. A judicial investigation was launched.

Landsbanki Luxembourg S. A.

Against board members and liquidator of the insolvent in December 2008 Luxembourg subsidiary Landsbanki Luxembourg SA has filed a complaint in late 2012. The accusation was, inter alia, fraud and lack of supervision of the Luxembourg financial services. The fraud charges against the bank, however, was laid on 24 December 2013 of the Luxembourg Law on the file, as this is time-barred. Investors should be used to full liability and repayment never received funds.

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