News
8 February 2023
On Tuesday, 7 February 2023, the Reykjavík District Court ruled in a case concerning the terms that applied to interest rate changes in consumer loans from Landsbankinn. Following the adoption of a new Act on Consumer Loans in 2013, amendments were made to the terms and consumer loans taken out with Landsbankinn after that do not fall under the scope of the ruling.
The ruling is expected to be appealed and a final outcome has not been reached. Should the courts in the final instance find that customers are entitled to repayment because of unclear interest rate terms for consumer loans, the Bank will recalculate other loans to which the legal president applies and contact customers.
You may also be interested in
15 March 2023
Strong customer authentication in ecommerce
Strong customer authentication (SCA) is now required in the confirmation process of payments made with payment cards on ecommerce platforms. Such payments were previously confirmed by entering a code texted to the customer’s phone.
14 March 2023
AB-Fasteignir receive Landsbankinn’s Sustainable Financing Label
AB-Fasteignir have received Landsbankinn’s Sustainable Financing Label for the production of renewable energy. Landsbankinn’s Sustainable Financing Label is awarded to businesses who meet the sustainability criteria of the Bank’s Sustainable Finance Framework and fulfil strict ESG requirements.
27 Feb. 2023
Landsbankinn launches acquiring service
Landsbankinn has launched its own merchant acquiring service. Merchants who bank with us can now concentrate all their payment service in one place, resulting in increased efficiency and a better overview of operations.
27 Feb. 2023
Eimskip University Fund allocates ISK 127.5 million to grants
The Board of Directors of Eimskip University Fund (Ice. Háskólasjóður H/f Eimskipafélags Íslands) has announced its intention to allocate ISK 127.5 million to grants to doctoral students at the University of Iceland in 2023.
17 Feb. 2023
Landsbankinn changes interest rates
Following the interest rate decision, variable interest rates on non-indexed housing mortgages increase by 0.50 percentage points (pp), to 8.00%. Interest on savings accounts created in the app (Save in App) increase by 0.50 pp, to 6.00%.
13 Feb. 2023
Winners of Gulleggið 2023
The business idea Better Sex won the innovation competition of Klak - Icelandic Startups, Gulleggið 2023. Better Sex is a streaming service for adults that shares professional and interesting knowledge about sex. Sigga Dögg and Sævar Eyjólfsson form the team behind the idea.
27 Jan. 2023
Changed opening hours at Skagaströnd and improved banking service in Blönduós
Landsbankinn’s opening hours in Skagaströnd will change as of 30 January. The outlet will after that be open on Mondays, Wednesdays and Fridays from 12-15.
23 Jan. 2023
Landsbankinn Corporate Finance advisor to Alvotech in private placement
Earlier today, Alvotech announced the completion of a private placement in the equivalent amount of ISK 19.5 billion (USD 137 million). The shares were sold at a purchase price of ISK 1,650 per share (equivalent of USD 11,57 per share) to a group of domestic professional investors and eligible counterparties. The private placement was initiated on 19 January 2023 and completed on 22 January 2023. Closing and settlement is expected to take place on 10 February 2023. Alvotech intends to use the proceeds for general operations and other business purposes. Landsbankinn Corporate Finance and ACRO Securities acted as advisors to Alvotech in the private placement.
18 Jan. 2023
Changes to fixed rates on new housing mortgages
Fixed rates on new non-indexed 36-month housing mortgages increase by 0.25 percentage points (pp) and fixed rates on new non-indexed 60-month housing mortgages by 0.10 pp. The changes enter into effect as at 19 January. These changes apply to new housing mortgages only and do not impact existing loans.
13 Jan. 2023
Key information about pension savings
In Iceland, all wage earners aged 16 to 70 are obligated to pay a percentage of their wages toward mandatory pension savings.