Landsbanki

What Landsbanki does

LBI ehf. (formerly Landsbanki Íslands hf.) is a private limited liability company incorporated and domiciled in Iceland (registration no. 540291-2259) that is in winding-up proceedings following the 2008 collapse of the original Landsbanki bank during the Icelandic financial crisis. The company is headquartered at Ármúli 21, 2nd floor, 108 Reykjavík, with a headcount of approximately 51–100 employees. Its main activity is the management and controlled monetisation of an inherited asset portfolio, with the explicit objective of maximising recoveries for creditors rather than operating a commercial business. The Reykjavík District Court formally commenced general winding-up proceedings under Act No. 161/2002 on 22 November 2010, concluding an earlier moratorium, and the legal entity was renamed from Landsbanki Íslands hf. to LBI hf. (later LBI ehf.) on 3 January 2013.

LBI has no technology or product offering. Its website (lbi.is) functions exclusively as an informational portal for shareholders, noteholders, and creditors, providing access to financial information, news, and corporate documents. Operational activity centres on asset recovery and disposal — collecting loans, selling equity stakes and properties, settling multi-jurisdictional disputes, and making scheduled semi-annual distributions to creditors. Major historical divestitures include Iceland Foods Group (sold for £1,550 million equity value in 2012 to a management vehicle), Hamleys / Corporal (sold to Groupe Ludendo in 2012), Aurum Holdings (Mappin & Webb, Goldsmiths, Watches of Switzerland, sold to Apollo Global Management in late 2012), Hotel D'Angleterre in Copenhagen (2011), and partial Eimskip and Actavis exposures. The Winding-up Board has obtained cross-border recognition of the proceedings, including in Canada, and has retained Epiq Bankruptcy Solutions as claims administration agent. Cash collected is governed by the Convertible Note Conditions, which include a Distribution Threshold mechanic that has triggered payment postponements (e.g., June 2026 deferred into December 2026).

The economic model is one of asset liquidation rather than revenue generation. Convertible Notes due 2035 represent the principal outstanding obligation, declining from approximately €626.41 million aggregate principal after the June 2018 payment to approximately €148.99 million after the December 2025 payment. Priority creditors under Article 112 have achieved an approximately 54% recovery rate based on partial payments totalling roughly ISK 730 billion. There is no commercial go-to-market motion, no customer acquisition activity, and no pricing model; the entity operates as a closing estate supervised by the Winding-up Board, with cash flow strictly allocated between administrative costs and the creditor waterfall.

Name

Landsbanki

Legal name

LBI ehf.

Website

https://lbi.is

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

51–100 employees

Short description

LBI ehf. (formerly Landsbanki Íslands hf.) is an Icelandic private limited liability company in winding-up proceedings, managing and monetising an inherited asset portfolio to maximise recoveries for creditors and Convertible Note holders.

Ownership category

akta.pro rank

Product category

Winding-Up Estate Management

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Finance Services (6199)

akta.pro industry

PRIMARYFSAGALAL

Reconciliation, Ledgering & Money Movement Ops (Sub-ledgers, Settlement, Reporting)

Financial & Insurance/Financial Technology (Fintech)/Embedded Finance & Banking-as-a-Service (BaaS)

Keywords

• Asset recovery
• Creditor distributions
• Winding-up administration
• Convertible note redemption
• Estate liquidation

Headquarters

HQ city

Reykjavík

HQ country

Iceland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others, Technology or R&D

Revenue model

1. Asset Portfolio Management and Monetisation: LBI ehf.'s main activity is the management and controlled monetisation of its asset portfolio. The company generates cash through collecting loans, selling assets (equity stakes, bonds, properties), and making partial payments to creditors/noteholders from recovered funds. Revenue is derived from asset recovery proceeds rather than traditional business operations.

Core offering

LBI ehf. (formerly Landsbanki Íslands hf.) manages and controls the monetisation of its residual asset portfolio on behalf of creditors of the legacy Landsbanki bank estate. Its activities consist of collecting on legacy loans, divesting equity stakes, bonds and real-estate holdings, and distributing recovered cash as partial payments to priority creditors and holders of Convertible Notes due 2035 under Iceland's Act No. 161/2002 on Financial Undertakings. The corporate website operates only as an informational portal for shareholders and creditors; no commercial products or services are sold.

Product overview

LBI ehf. (formerly Landsbanki Íslands hf.) is not a product or technology company. It is a private limited liability company incorporated in Iceland that is in winding-up proceedings following the 2008 financial crisis. The company's main activity is the management and controlled monetisation of its asset portfolio. The website (lbi.is) functions exclusively as an informational portal for shareholders and creditors, providing access to financial information, news, creditor documents, and documents related to the winding-up proceedings. No commercial products or services are offered.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• Partial payments to priority creditors equivalent to ~54% of recognised priority claims as of 2013-2014

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered major and core.

• GlitnirmajorStrategic or Co-development Partner · 12 May 2017Settlement agreement signed concerning disputed guarantee granted by Glitnir to LBI in relation to a loan to Stytta ehf. Glitnir accepted LBI's claim of 13.5 bn ISK as unsecured claim under Article 113 of Bankruptcy Act. Glitnir withdrew its claim lodged in LBI's winding-up proceedings.
• Epiq Bankruptcy Solutions, LLCcoreImplementation/ SI/ Consulting Partner · 26 June 2012Acts as agent for the Winding-up Board for administering claim transfers, managing blocked positions, and facilitating distributions to creditors. Handles the Automated Tender Offer Program (ATOP) for US bond issues.
• Glitnir HoldCo ehf.majorStrategic or Co-development Partner · 15 February 2012LBI and Glitnir jointly sold their shareholdings in Iceland Foods Group Limited to management. Also settled outstanding disputes through a settlement agreement where Glitnir accepted LBI's claim for 13.5 bn ISK as unsecured claim.
• National Association of Pension Funds (NAPF)majorStrategic or Co-development Partner · 21 July 2011Framework agreement signed concerning final settlement of forward currency hedge contracts between NAPF members (twelve pension funds) and Landsbanki Íslands hf. Resolution Committee. Settlement enabled finalisation of individual settlements between Landsbanki and pension funds.
• Landsbanki Luxembourg S.A. (Liquidator)majorStrategic or Co-development Partner · 19 May 2010Subsidiary of Landsbanki Íslands hf. in Luxembourg. Liquidator Mrs. Yvette Hamilius participated in trilateral agreement concerning Avens B.V. bonds. LBI reached overall resolution on disposition of Landsbanki Luxembourg assets.

Scale indicators8 records

Recent moves11 records

Expansion highlights2 records

Broad incumbents

• Landsbankinn hf. The successor entity to Landsbanki, established by the Icelandic government in 2008 to take over the domestic operations of the original Landsbanki. Operates as a full-service commercial bank; LBI retained the legacy non-Icelandic assets and is now a creditor of Landsbankinn via the Series 2024 bonds.

Direct peers

• Kaupthing Bank hf. (in winding-up): The third of the three major Icelandic banks that collapsed in 2008; now in winding-up proceedings managing a residual asset base and processing creditor claims, making it the closest comparable to LBI's structure and mandate.
• Bernard L. Madoff Investment Securities LLC (BLMIS): In liquidation under trustee Irving Picard, BLMIS is processing customer and creditor claims, monetizing assets, and making distributions under court supervision - directly analogous to LBI's noteholder distribution mechanics.
• MF Global Holdings Ltd. Broker-dealer placed in Chapter 11 liquidation in 2011 following a euro exposure crisis; its SIPA liquidation under James Giddens shares the structural features of creditor claim processing and asset distribution seen at LBI.
• Glitnir HoldCo ehf. Icelandic bank winding-up entity that, like LBI, is in formal liquidation following the 2008 Icelandic financial crisis, managing a residual asset portfolio and making distributions to creditors. LBI has a documented settlement relationship with Glitnir.
• Lehman Brothers Holdings Inc. Iconic investment bank placed in Chapter 11 in 2008 with ongoing wind-down administration by Alvarez & Marsal, distributing assets to creditors for over 15 years. Most directly comparable large-bank wind-down entity.
• Nortel Networks Corp. (estate): Multinational corporation whose estate has been in prolonged wind-down since 2009, with cross-border asset disposition and ongoing creditor distributions. Comparable for the multi-jurisdictional, multi-year nature of LBI's wind-up.

Others

• Alvarez & Marsal Holdings, LLC: Global professional services firm specializing in restructuring and insolvency, retained to administer Lehman Brothers' wind-down. Representative of the type of restructuring advisors and administrators LBI relies on for wind-up execution.
• AlixPartners, LLP: Global consulting firm specializing in corporate restructuring and turnaround advisory. Comparable as a peer to LBI in terms of being an enabling service provider for complex financial-institution wind-downs.
• Epiq Bankruptcy Solutions, LLC: Agent for LBI's Winding-up Board, administering claim transfers, blocked positions, distributions to creditors, and the Automated Tender Offer Program for US bond issues. Directly tied to LBI via its core partnership and operationally enacts the distribution process.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat2 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/landsbanki

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Landsbanki