Best bank: Arion Bank
Things could not have gone much worse in 2023 for Islandsbanki, the bank that won this award in the past two years. A long-awaited regulatory report into the sale of part of the government’s holding in 2022 found that Islandsbanki itself had committed various violations during the process. Islandsbanki was fined Isk1.2 billion ($8.6 million), a record for Iceland.
The affair was particularly sad for Islandsbanki chief executive Birna Einarsdóttir, who eventually bowed to political pressure to assume ultimate responsibility for the scandal and resigned after some 30 years at the bank.
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