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Doing Business the Eik Way

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Doing Business the Eik Way xx Faroe Islands www.worldfinance.com January-February 2009 Eik Banki – the largest Faroese bank – has managed to establish itself firmly outside of the Faroe Islands and also holds the position as the largest internet bank in Denmark Doing business the Eik way During its 176 years of history, Eik Banki has kept the group acquired Kaupthing Bank’s Faroese operations. pace with the developments of the financial world, “What specially characterises Eik Banki Group’s Danish a necessity as the Faroe Islands is a modern society operations is that in addition to offering low price internet comparable to that of any Scandinavian country. banking services, Eik Bank Danmark also provides our Located in the middle of the North Atlantic, Eik Banki is customers with high quality tailor-made financial services an efficiently driven modern bank, which successfully has solutions. A concept, which is highly satisfying to our customers expanded its business to encompass various activities outside and financially viable to us,” says Eik Banki Group CEO, Marner the Faroe Islands. Jacobsen. Eik Banki follows a strategy of diversification and growth placing emphasis on expanding and diversifying its overseas Solid operations in a volatile market activities to increase income and spread risk. By gaining Eik Banki has an attractive market position today. Having a inspiration from its international experiences, which can market share of just above 50 percent of both the individual and be exploited to the benefit of its domestic customers, the the corporate business customers, the bank is one of two major management of Eik Banki believes that the chosen strategy full service banks on the Faroe Islands. furthermore strengthens the Faroese bank’s position in the Alongside its domestic operations, the international activities domestic market. As the only Faroese bank, Eik Banki Group have attributed favourably to Eik Banki, both financially and has managed to establish itself firmly abroad. In addition to professionally, and in 2007 about 50 percent of Eik Banki´s being the Faroese bank with the highest market share, Eik income after taxes originated outside the Faroe Islands. Banki Group holds the position as the number one internet Furthermore, Eik Banki’s foreign activities have provided the bank in Denmark. Eik Banki is listed on Nasdaq OMX the Bank with immense knowledge and expertise on financial Nordic Exchange Copenhagen and Iceland. services solutions. “At Eik Banki, we continually strive to improve ourselves, Foreign acquisitions and specialised internet solutions seeking different and untraditional solutions while maintaining The Eik Banki Group consists of the parent company Eik solid basic rules of banking,” says CEO Marner Jacobsen. Banki P/F, the wholly owned Faroese real estate brokerage During the turbulent times within the global financial firm Inni P/F, and the wholly owned Danish subsidiary Eik industry, the Eik Banki Group´s third quarter accounts are Bank Danmark A/S in Copenhagen. In 2004, the group showing that the Bank is well consolidated, with a 12.1 solvency made its initial international strategic move when Eik Banki ratio. The Eik Banki Group operates under the Danish Financial acquired Eik Bank Danmark. During 2007, the Eik Banki Business Act and is supervised by the Danish Financial group acquired the Danish internet bank ScandiaBanken, Supervisory Authorities. Furthermore, the group is part of the Privestor and Finansnyt, and ultimately, in December 2007, new Deposit Guarantee Scheme established by the Danish January-February 2009 www.worldfinance.com Faroe Islands xx Serving private and corporate clients with financial services products including e-banking services, investments banking, capital market services and financial planning, Eik Banki is the largest commercial bank on the Faroe Islands. Founded in 1832, Eik Banki is also the country’s oldest financial institution. In 2007, Eik Banki was awarded ‘Bank of the Year – Faroe Islands’ by The Banker and ‘Company of the Year’ by the Faroese Employers Association The volatile nature of its surroundings and the presence of history is a constant reminder of the necessity of maintaining a sound basic operation Government, placing a two-year state guarantee on all deposits creating innovative solutions, working together as a team and and unsecured claims against Danish financial institutions. always servicing our customers in professional yet humane manner. Our vision is to be the most user friendly bank, Well educated employees providing our customers with well suited solutions.” Recruiting and maintaining well educated and satisfied employees is vital to meeting future challenges. As a modern work place, The presence of history employees constitute one of the most important resources in Established in 1832, Eik Banki is the oldest financial institution Eik Banki. The bank strives to attract the best employees and on the Faroe Islands, and one of the oldest in the Kingdom of make sure they continue to posses a high level of professional Denmark. Although, its natural environment is rough and one capabilities and experience and inter-personal skills. Employees of significant fluctuations, the bank’s history is one of solidity are chosen with the utmost care to ensure that customers receive and stability. The volatile nature of its surroundings and the the highest level of professional service and personal advise. presence of history is a constant reminder of the necessity The various activities of the bank contribute to a challenging of maintaining a sound basic operation whilst seeking new and exciting atmosphere for Eik Banki’s employees. challenges and pursuing higher goals. Consequently, the most skilled and ambitious people seek Eik Banki has a network of 16 full service branches employment in Eik Banki. Among the 280 employees in the throughout the islands. It’s services comprise corporate and retail Faroes and 120 employees in Denmark, a substantial number of banking, including a significant range of e-banking services, the employees are university graduates with degrees in finance, investment banking, capital market services, treasury services, Managing Director, business, law and so on. Furthermore, emphasis is laid on asset management and comprehensive wealth management for Bjarni Olsen (top) and motivating and making provisions for the employees to receive Private Banking clients as well as real estate brokerage services Chief Executive Officer, supplementary education and rotating within the organisation. through the group’s wholly owned subsidiary P/F Inni. Marner Jacobsen Taking historic events into consideration, the people of the Strong brand based on the bank values Faroe Islands are no strangers to crisis, and are constantly In December 2006, Eik Banki underwent a process of brand aware of the importance of being prepared for when the development and name change. The new brand and name, tide is changing. “We believe in cultivating and embracing which was made public over night has strengthened the new ideas, however, always taking the time to prepare our corporate brand of Eik Banki notably. The foundation of the organisation for the challenges of operating in the global brand is Eik Banki’s values, of which the four cornerstones are market,” says CEO Marner Jacobsen. n Team Spirit, Professional, Attentive and Innovative. The essence of it’s values brings together a proactive bank with a human face. For further information tel: +298 348 000; “In brief,” says CEO Marner Jacobsen, “we place emphasis on email: [email protected]; www.eikbank.com.
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