Awards for Excellence 2008: Iceland

The funding crisis that has affected many other global banks since the summer of 2007 started early in Iceland, and has been especially severe for banks there. Domestically, the banks face a slowing economy and rocketing inflation. Externally, investors continue to fret about Icelandic banks’ business model and rapid growth. The largest of Iceland’s three commercial banks, Kaupthing Bank, is best placed to meet the challenges faced by the sector.