Abstract
As early as 2004, market participants noticed the rapid growth of the balance sheets of the Icelandic banks. It was widely acknowledged that the banks were engaged in takeover activities as well as in establishing their branches abroad from the ground up. As it turned out, the year-over-year organic growth of the combined assets of the three banks—excluding all acquisition activities—was phenomenal, ranging from 36 to 66 percent.1 External growth (reflecting acquisitions) was also intensive, especially in 2004–2005 (Table 10.1).2
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© 2014 Gudrun Johnsen
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Johnsen, G. (2014). The Web of Ownership. In: Bringing Down the Banking System. Palgrave Macmillan, New York. https://doi.org/10.1057/9781137347350_10
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DOI: https://doi.org/10.1057/9781137347350_10
Publisher Name: Palgrave Macmillan, New York
Print ISBN: 978-1-349-47105-8
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