MP Bank

Last updated
MP banki hf.
Company type Private
Industry Banking
FoundedOctober 15, 2003 (2003-10-15)
DefunctJune 30, 2015 (2015-06-30)
Successor Kvika banki
Headquarters Reykjavík, Iceland

MP banki was an investment bank in Iceland that operated from 2003 until 2015 when it became part of Kvika Banki. [1]

History

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 due to the 2008 financial crisis. [3]

MP banki and Straumur Investment Bank merged in July 2015 and the name changed to Kvika banki. [1]

References

  1. 1 2 "The world has a lot to learn from Iceland's economic recovery". worldfinance.com. World Finance. Retrieved 2018-01-19.
  2. ↑ "Mr. Vygandas Jūras has been appointed Head of MP Investment Bank - Baltic Branch". Kvika (EN). Retrieved 2018-01-19.
  3. 1 2 3 4 McClain, Dylan Loeb (2009-07-03). "Caution Kept Icelandic Bank Clear of the Worst". The New York Times. ISSN   0362-4331 . Retrieved 2018-02-02.
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