Press release from Arion Banki: From yesterday, 21 November 2009, New Kaupthing Bank changed its name to Arion banki. The new name signals a new direction and new values. Following the restructuring of the bank in the recent economic turmoil at home and abroad, the bank is shifting its focus in response to the demands for change made by its customers and employees. A new name will also help eliminate any confusion among the public and the bank’s business partners in Iceland and abroad.
The bank is guided by the values of professionalism, ambition, concern for others and loyalty, with the customer in the foreground at all times. The new name comes from Greek mythology and symbolizes perseverance, cooperation and new beginnings. The bank held a competition among its employees to find a new name and Arion was selected from over three hundred entries.
Finnur Sveinbjörnsson, CEO of Arion, says that the time was right to adopt a new name. “A new name, a new direction and new values signal a fresh start for the bank. In a way we are making a break with the past and we look forward to tackling the challenges that await in society with vigour. Our goal is to develop a strong, trustworthy bank which works with and for the people of Iceland.”
In the current climate the bank cannot afford to be wasteful, and therefore the cost of adopting a new name will be kept to a minimum. The branches will be given a new look in the next few weeks, and to avoid unnecessary costs marketing material will be renewed as old supplies are used up.