Føroya Banki (English: Bank of the Faroe Islands) is a
Faroe Islands
The Faroe Islands ( ) (alt. the Faroes) are an archipelago in the North Atlantic Ocean and an autonomous territory of the Danish Realm, Kingdom of Denmark. Located between Iceland, Norway, and the United Kingdom, the islands have a populat ...
-based financial services company that provides
banking
A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...
and
insurance
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect ...
services. It also provides some services in
Greenland
Greenland is an autonomous territory in the Danish Realm, Kingdom of Denmark. It is by far the largest geographically of three constituent parts of the kingdom; the other two are metropolitan Denmark and the Faroe Islands. Citizens of Greenlan ...
as Bankivik. It is one of the two full-service banking firms in the Faroe Islands. The bank's services cover 40% of the market share in the Faroe Islands.
History
It was founded as Føroya Banki in 1906. In February 2010 it acquired twelve branches of Sparbank in Denmark and Greenland (two branches in the latter). It then changed its name to BankNordik to reflect its new market reach.
["Foroya Bank to become BankNordik". Nordic Business Report (M2). Mar. 17, 2010] In 2011 the bank acquired some assets of Amagerbanken.
It sold its Danish business in 2021
and changed its name back to ''Føroya Banki'' in March 2024. It renamed its Greenlandic business to ''Bankivik'' in November 2024.
References
External links
{{Portal, Banks
Føroya BankiP/F Føroya Banki The Banks.eu
Financial services companies of the Faroe Islands