About Byr
Byr Savings Bank was established through the merger of Sparisjódur Vélstjóra (Engineers’ Savings Bank) and Sparisjódur Hafnarfjardar (Hafnarfjördur Savings Bank). The name Byr Savings Bank was adopted at the time of the merger; the name means ‘tailwind’, in both the literal and the figurative sense. The merger of Sparisjódur Vélstjóra and Sparisjódur Hafnarfjardar was approved by their boards on 1 December 2006, and was approved by the Financial Supervisory Authority on 8 December the same year. During the autumn months of 2007, Byr Savings Bank and Sparisjódur Kópavogs (Kópavogur Savings Bank) merged. The merger was approved by the Financial Supervisory Authority on 14 November 2007. In December 2007, a meeting of guarantee capital holders approved the merger of Byr Savings Bank and Sparisjódur Nordlendinga (North Iceland Savings Bank), with the merger being approved by the Financial Supervisory Authority on 19 March 2008.
Sparisjódur Vélstjóra had been operating since 1961, and Sparisjódur Hafnarfjardar since 1902 (but it had grown out of Sparisjódur Álftaneshrepps (Álftanes Savings Bank), which was established in 1875). Sparisjódur Kópavogs was established in 1956. Sparisjódur Nordlendinga was established in June 1997 through the merger of Sparisjódur Akureyrar, Sparisjódur Arnarneshrepps and Sparisjódur Glæsibæjarhrepps (the Akureyri, Arnarnes and Glæsibær Savings Banks, which had been operating since
1884 and 1908). Byr Savings Bank can therefore trace its roots back to some of the country’s oldest financial institutions. The original operating goal of all these savings banks was to serve local individuals and businesses, with all of them growing with their clients. Today, Byr Savings Bank provides comprehensive financial services to individuals and businesses, large and small. The services range from general banking services to the securities services provided by Byr Securities. Byr Savings Bank took over the operations and activities of Verdbréfathjónusta Sparisjódanna hf. (the Savings Banks’ Security Services) on 6 February 2008.