| Private | |
| Industry | Banking |
| Successor | Kvika banki |
| Founded | October 15, 2003 |
| Defunct | June 30, 2015 |
| Headquarters | Reykjavik, Iceland |
| Website | english |
MP banki was an investment bank in Iceland that operated from 2003 until 2015 when it became part of Kvika Banki. [1]
The company was founded as MP Securities (Icelandic: MP Verðbréf hf) in 1999 [2] [3] by Margeir Pétursson [3] together with Sverrir Kristinsson and Ágústi Sindra Karlsson. [ citation needed ] They owned 10% each, while Margeir 80% shares.
The bank received an investment banking license in 2003 and started to offered a comprehensive investment banking service. After the bank was licensed as an investment bank the name changed to MP Investment Bank (Icelandic: MP Fjárfestingarbanki hf).
In 2008, the bank received a commercial banking license and changed its name to MP banki. [3] It became the only commercial bank in Iceland that did not collapse that year when the worldwide economic crisis hit the country. [3]
MP banki and Straumur Investment Bank merged in July 2015 and the name changed to Kvika banki. [1]
The economy of Iceland is small and subject to high volatility. In 2011, gross domestic product was US$12bn, but by 2018 it had increased to a nominal GDP of US$27bn. With a population of 350,000, this is $55,000 per capita, based on purchasing power parity (PPP) estimates. The financial crisis of 2007–2010 produced a decline in GDP and employment that has since been reversed entirely by a recovery aided by a tourism boom starting in 2010. Tourism accounted for more than 10% of Iceland's GDP in 2017. After a period of robust growth, Iceland's economy is slowing down according to an economic outlook for the years 2018–2020 published by Arion Research in April 2018.
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