Financial Leasing
Financial Leasing
Act No. 161/2002, on Financial Undertakings, provides for that banks and credit undertakings are allowed to carry out financial leasing operations. See Art. 20.
Only one of the Icelandic universal banks, New Glitnir Bank, is carrying out a financial leasing department under its operating license. Additionally there are two credit undertakings in Iceland in the leasing business; Lýsing which is a subsidiary of Exista; and SP-Fjármögnun which is a subsidiary of Landsbanki and Avant which is a subsidiary of Askar Capital.
They all focus on typical leasing operations, buying cars, business equipment and office housing on behalf of their clients and leasing back to them.
The Financial Supervisory Authority (FME) supervises leasing operations.
