Arion Bank (Icelandic: Arion banki hf, formerly Nýja Kaupþing hf or New Kaupthing) was established as a state-owned bank on the ruins of the Icelandic based operations of the former Kaupthing Bank and placed in control of the old bank's domestic assets and liabilities.
On 20 November 2009, New Kaupthing changed its name to Arion Banki.
On behalf of its creditors Kaupthing, through its subsidiary Kaupskil, took ownership of Arion Bank on 8 January 2010. Kaupskil holds 87% of common equity and the Icelandic State Financial Investments (ISFI) 13%. Kaupskil appoints five out of six board members of Arion Bank, the government appoints the sixth. Kaupskil has a call option to buy the government’s stake at a later point.
Following a change in ownership in 2010 a new board of directors as well as a new CEO, Höskuldur H. Ólafsson, and management team were appointed. A new strategic plan was also introduced.
Arion Bank has solely operations in Iceland, in the Greater Reykjavík area as well as the largest urban areas around the country. The Bank has an extensive branch network, there are 24 branches all over the country and over 100,000 customers. (Source: Wikipedia)