Iceland Lawmakers Propose Commercial, Investment Bank Split

Icelandic lawmakers are moving ahead with a motion to require the island’s lenders to split their businesses into commercial and investment banking.

If approved, Industry Minister Steingrimur J. Sigfusson will appoint a committee to oversee how to best conduct a separation to minimize the risks posed to Iceland’s economy, according to the motion posted on parliament’s website.

The committee will be asked to deliver its proposals by Feb. 1 next year.

To contact the reporter on this story: Omar R. Valdimarsson in Reykjavik valdimarsson@bloomberg.net.

To contact the editor responsible for this story: Jonas Bergman at jbergman@bloomberg.net.

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