Suppliers

The Bank's strategy is to create future value for the benefit of its customers, shareholders, partners and society as a whole, and in keeping with this the Bank seeks to source its supplies from local companies as far as possible, provided they meet the requirements on quality and price.

Nearly all of the Bank’s key suppliers operate in Iceland. Although the supply chain does extend overseas, the first link is usually here on the domestic market. In fact there is only one international company in the top 10 biggest suppliers and only 10 are in the top 50. Business with international suppliers increased in 2018, mainly in relation to advisory services for the Bank’s IPO and the implementation of major software solutions for which the required expertise was lacking in Iceland.

The majority of the Bank’s international suppliers are connected to the buying of software, advisory services and IT services. Hardware is almost entirely acquired from Icelandic suppliers.

Our employees are committed to working to the highest standards. The Bank uses a standardized assessment to evaluate various aspects of the suppliers with which the Bank does business. The assessment also contains questions on the suppliers' commitment to equal opportunities, equal pay and environmental issues. The suppliers’ commitment to these issues has an impact on how willing the Bank is to do business with them.