Klakki

{{short description|Icelandic financial services group}} {{update|date=February 2019}} {{Infobox company | name = Klakki | logo = | logo_size = 120px | type = Private | foundation = 2001 | location = Reykjavík, Iceland | key_people =  | industry = Financial services | products = Insurance, asset financing, investments | revenue = €961.5 million (2007)<ref name="AR2007">{{cite web |title = Annual Report 2007 |url = http://www.exista.is/Uploads/document/AGM2008/%C3%81rssk%C3%BDrsla.pdf |accessdate = 2008-10-31 |publisher = Exista |url-status = dead |archiveurl = https://web.archive.org/web/20090219095322/http://www.exista.is/Uploads/document/AGM2008/%C3%81rssk%C3%BDrsla.pdf |archivedate = 2009-02-19 }}</ref> | net_income = {{profit}} €573.9 million (2007)<ref name="AR2007" /> | assets = €8.011 billion (2007)<ref name="AR2007" /> | num_employees = 430 (2007)<ref name="AR2007" /> | homepage = [http://www.klakki.is/ klakki.is] }}

'''Klakki''' (known as '''Exista''' until 2011)<ref>{{Cite web|url=http://www.vb.is/frettir/klakki-nytt-nafn-exista/66038/|title=Klakki nýtt nafn á Exista|date=16 September 2011|website=Viðskiptablaðið|language=Icelandic}}</ref> is an Icelandic financial services group formerly listed on the Iceland Stock Exchange. Its activities are based primarily on insurance underwriting and other financial services, although it is also active in investments. The group's primary market is the Nordic countries.

==History== According to a report, Luxembourg-registered ''Compagnie Financiere Scandinave'' was renamed the ''Scandinavian Holding'' a month after incorporation. Later it was renamed ''Meidur S.A.''.<ref name="icelandrussialink">{{cite news|url=http://www.newsru.com/finance/21oct2008/iceland_print.html|title=Россия желает спасать Исландию из-за давних офшорных связей чиновников и бизнесменов|date=2008-10-21|publisher=The New Times}}. Another copy: {{cite news|url=http://www.rususa.com/news/news.asp-nid-37073-catid-8|title=Зачем Россия спасает Исландию|date=2008-10-21|archiveurl=https://web.archive.org/web/20110715215806/http://www.rususa.com/news/news.asp-nid-37073-catid-8|archivedate=2011-07-15|url-status=dead|publisher=Rususa}}. An automatic translation: {{cite web|url=http://eyjan.is/blog/2008/10/20/umfjollun-um-tengsl-islendinga-og-russa-ur-russnesku-dagbladi|title=Discussion of the relationship between Iceland and Russia from the Russian newspaper.|access-date=2010-04-07|archive-url=https://web.archive.org/web/20081023102006/http://eyjan.is/blog/2008/10/20/umfjollun-um-tengsl-islendinga-og-russa-ur-russnesku-dagbladi/|archive-date=2008-10-23|url-status=dead}}</ref> Meidur changed its name to Exista.<ref>{{cite book |title=Why Iceland? |author=Ásgeir Jónsson |page=92}}</ref>

Exista was founded in 2001 by a consortium of Icelandic savings banks as a vehicle to hold shares in Kaupthing Bank.<ref name="history">{{cite web|url=http://www.exista.com/index.aspx?GroupId=35|title=About Exista: Chronicle|publisher=Exista|accessdate=2008-10-31}}</ref> A controlling shareholding in Exista was sold to a holding company of Bakkavör founders Ágúst and Lýdur Gudmundsson in 2002.<ref name="history" /> In September 2006 the firm was floated on the Iceland Stock Exchange in a €2.6 billion initial public offering, the biggest in the country's history. The Gudmundsson brothers continue however to hold a near-45% stake in the business.<ref>{{cite web|url=http://www.exista.com/index.aspx?GroupId=49|title=Investor Relations: Shareholders|publisher=Exista|accessdate=2008-10-31}}</ref> The company was delisted from the exchange in December 2008 following a share buyback.

By 9 October 2008, Kaupthing Bank HF was forced into government receivership.<ref>{{cite web |url=http://bankrun.us/forums/index.php?topic=3.0 |title=Welcome to bankrun.us! |accessdate=2010-12-11 |url-status=dead |archiveurl=https://web.archive.org/web/20111005085443/http://bankrun.us/forums/index.php?topic=3.0 |archivedate=2011-10-05 }} Bank Run at Kaupthing forces seizure</ref> On 29 July 2009 WikiLeaks exposed a confidential 210-page document listing Kaupthing's exposure to loans ranging from €45 million–1.25 billion. The leaked presentation revealed the bank had loaned billions of euros to its major shareholders, including a total of €1.43 billion to Exista and subsidiaries which own 23% of the bank.<ref>{{cite news|url=https://www.theguardian.com/business/2009/aug/04/iceland-bank-kaupthing-internet-leak|title=Confidential Kaupthing corporate loan details leaked on the internet|work=The Guardian|date=2009-08-04|accessdate=2009-08-08 |location=London |first=Simon |last=Bowers}}</ref>

==Operations== {{Update|section|date=February 2019}}

===Insurance and financial services=== Exista owns the Icelandic non-life insurance company Vátryggingarfélag Íslands (VÍS), which holds around one-third of the domestic market.<ref>{{cite news|url=https://www.forbes.com/markets/feeds/afx/2007/08/02/afx3979774.html|title=Iceland's Exista Trading hikes stake in Storebrand to 5.56 pct|date=2 August 2007|agency=AFX News|work=Forbes|accessdate=2008-10-31}}{{dead link|date=January 2022|bot=medic}}{{cbignore|bot=medic}}</ref> Exista acquired control of VÍS from Kaupthing Bank in 2006.<ref>{{cite news|url=http://findarticles.com/p/articles/mi_m0HXI/is_/ai_n24987856|title=Kaupthing Bank hf sells 24% stake in VIS eignarhaldsfelag hf|date=31 May 2006|work=Nordic Business Report|publisher=FindArticles|accessdate=2008-10-31}}</ref> The firm also owns VÍS's sister company, the life cover provider Lífís. Exista's third consolidated subsidiary is Lýsing, which is a provider of asset financing.

===Investments=== Prior to the 2008–2011 Icelandic financial crisis, Exista held a number of significant stakes in publicly traded companies. It opted to divest many of these, including 20% of Sampo Group,<ref>{{cite news|url=https://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSHEL00673720081007|title=Sampo says Exista decided to sell stake in it|last=Young|first=Brett|date=7 October 2008|work=Reuters|accessdate=2008-10-31}}</ref> 8.7% of Storebrand<ref>{{cite news|url=https://www.forbes.com/afxnewslimited/feeds/afx/2008/10/09/afx5529382.html|title=Norway's Gjensidige buys Exista's Storebrand shares|last=Acher|first=John|date=9 October 2008|agency=Reuters|work=Forbes|accessdate=2008-10-31}}{{dead link|date=January 2022|bot=medic}}{{cbignore|bot=medic}}</ref> and 39.6% of Bakkavör,<ref>{{cite news|url=https://www.forbes.com/afxnewslimited/feeds/afx/2008/10/10/afx5535071.html|title=Iceland's Exista says to sell Bakkavor stake|last=Pollard|first=Niklas|date=10 October 2008|agency=Reuters|work=Forbes|accessdate=2008-10-31}}{{dead link|date=January 2022|bot=medic}}{{cbignore|bot=medic}}</ref> in October 2008 in order to boost its capital position. It was also the largest single shareholder (with almost 25%) of Kaupthing Bank before its de facto nationalisation by the Icelandic government.<ref>{{cite news|url=http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4923198.ece|archive-url=https://web.archive.org/web/20110612080818/http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4923198.ece|url-status=dead|archive-date=June 12, 2011|title=UK companies locked out of Landsbanki accounts|last=Power|first=Helen|date=11 October 2008|work=The Times|accessdate=2008-10-31 | location=London}}</ref>

Currently Exista holds a 29% share of JJB Sports in conjunction with its chief executive Chris Ronnie,{{cn|date=October 2020}} and is the sole owner of Skipti, the parent company of Icelandic telecommunications provider Síminn.<ref>{{cite web|url=http://www.exista.is/index.aspx?GroupId=74|title=Business Areas: Investments|publisher=Exista|accessdate=2008-10-31|url-status=dead|archiveurl=https://web.archive.org/web/20070518135855/http://www.exista.is/index.aspx?GroupId=74|archivedate=2007-05-18}}</ref>

==References== {{reflist}}

== External links == * {{Official website|http://www.klakki.is/}} {{Portal|Banks}}

Category:Banks of Iceland Category:Banks established in 2001 Category:Financial services companies established in 2001