Iceland to close down some bank branches?

The ISFI (Icelandic State Financial Investments) has made a recommendation the a swathe of bank branches should close in the name of money saving.

According to the ISFI annual report, there are just 500 inhabitants for every bank branch in the Westfjords of Iceland. In the Reykjavik capital region there are 5,300 people per branch.

In Iceland overall there are 2,500 people per bank branch; which compares to 4,000 people per branch in Norway. the ISFI says that this is reason enough to merge and close some bank branches in the name of cost saving.

The number of people working in the Icelandic financial sector as a percentage of the total workforce is the fourth highest in Europe and is 50 percent over the EU average. Only Ireland, Switzerland and Luxembourg have proportionately bigger financial sectors than Iceland.

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