Corporate customers

Arion Bank provides comprehensive financial services to companies in Iceland. It was an eventful year, where the impact of the Covid-19 pandemic began to fade, and substantial interest rate hikes and war in Europe had a wide reaching impact on operations and the business environment, both in Iceland and abroad. The Bank provided an extensive range of services over the year, both on the lending side, corporate insurance and corporate advisory.

A year of intense activity

The Icelandic stock market continued to flourish, and there were four new listings during the year. Arion Bank was involved in three of them, either as lead financial advisor or joint financial advisor with other Icelandic or international financial institutions. The Bank also advised on and was engaged in numerous other projects, many of which were aligned with the Bank’s strategy in the Arctic.

After a run of several years where lending growth to corporates was limited, 2022 proved to be year of intense activity and increased lending. Arion Bank continued to provide comprehensive financial services to both large and small business in Iceland, whether it was project finance to meet the need for residential property or regular banking services to SMEs. The Bank’s engagement with the Arctic continued, with loans to the region increasing 60%. The structure of this loan portfolio is starting to reflect more closely the Bank’s strategy in the region.

Arion Bank and Vörður stepped up their partnership on insurance during the year and we make a point of offering Vörður insurance policies to Arion Bank corporate customers. Customers of both companies can therefore get Vörður insurance through the service channels of Arion Bank and Vörður. This approach is integral to our bancassurance strategy aim of which is to improve customer experience and make it easier for customers to manage their finances.

Sustainability and the environment

Arion Bank has adopted a clear policy on sustainability and environmental and climate issues. The Bank’s sustainability policy is entitled "Together we make good things happen" which is epitomized by our commitment to working responsibly in harmony with society and the environment.

The Bank’s policy is reflected in its lending. The Bank’s lending to the energy sector is in the field of renewables, and lending to the seafood industry is focused on the sustainable use of natural resources. As Iceland is in the unique position of using almost entirely renewable energy for heating and electricity this also applies to the real estate projects the Bank finances.

At the end of the year approved green loans to companies amounted to ISK 82 billion and were divided into the following categories: Pollution prevention and control and wastewater management, Energy efficiency, and Sustainable fishery and aquaculture.

Green lending to companies


The largest single green loan from the Bank is to a project involving Norðurál. The carbon footprint from Norðurál aluminium is one of the lowest in the world, and at the end of the year the company was named the Environmental Company of the Year in Iceland.

The Bank offers companies a range of green loan products and a report on the financed carbon emissions at Arion Bank using PCAF methodology was published for the first time.

Arion Bank’s active role in the development of the economy aligns with UN Sustainable Development Goals number 7 on affordable and clean energy, number 8 on decent work and economic growth and number 9 on industry, innovation and infrastructure.


Loans to companies

Total loans to companies amounted to ISK 502 billion, or 46% of the Bank’s total loans to customers.  
Loans to customers