The Bank of Greenland is the only local commercial bank in Greenland

Greenland

Greenland is an autonomous country within the Kingdom of Denmark, located between the Arctic and Atlantic Oceans, east of the Canadian Arctic Archipelago. Though physiographically a part of the continent of North America, Greenland has been politically and culturally associated with Europe for...

, listed on the Copenhagen Stock Exchange

Copenhagen Stock Exchange

The Copenhagen Stock Exchange or CSE is an international marketplace for Danish securities, including shares, bonds, treasury bills and notes, and financial futures and options...

 as GRLA, with 2,700 shareholders as of 2010. Headquartered in Nuuk

Nuuk

Nuuk, is the capital of Greenland, the northernmost capital in North America and the largest city in Greenland. Located in the Nuup Kangerlua fjord, the city lies on the eastern shore of the Labrador Sea and on the west coast of Sermersooq. Nuuk is the largest cultural and economic center in...

, the bank has 215 employees as of 2010.

History

The Bank of Greenland was founded on 26 May 1967 by a number of Danish

Denmark

Denmark is a Scandinavian country in Northern Europe. The countries of Denmark and Greenland, as well as the Faroe Islands, constitute the Kingdom of Denmark . It is the southernmost of the Nordic countries, southwest of Sweden and south of Norway, and bordered to the south by Germany. Denmark...

 banks, during the era when Greenland was still a province of Denmark. The founding banks were Privatbanken, Danske Bank

Danske Bank

Danske Bank is a Danish bank. The name literally means "Danish Bank" It was founded 5 October 1871 as Den Danske Landmandsbank, Hypothek- og Vexelbank i Kjøbenhavn ....

, Kjøbenhavns Handelsbank, and an organization of local banks, provincial and Copenhagen

Copenhagen

Copenhagen is the capital and largest city of Denmark, with an urban population of 1,199,224 and a metropolitan population of 1,930,260 . With the completion of the transnational Øresund Bridge in 2000, Copenhagen has become the centre of the increasingly integrating Øresund Region...

-based. Operations started in Nuuk on 1 July 1967, while local branches in Ilulissat

Ilulissat

Ilulissat is a town in the Qaasuitsup municipality in western Greenland, located approximately north of the Arctic Circle. With the population of 4,546 as of 2010, it is the third-largest settlement in Greenland, after Nuuk and Sisimiut....

, Sisimiut

Sisimiut

Sisimiut is a town in central-western Greenland, located on the coast of Davis Strait, approximately north of Nuuk. It is the administrative center of the Qeqqata Municipality and the second-largest town in Greenland, with a population of 5,460 people as of 2010. The site of the present-day town...

, and Qaqortoq

Qaqortoq

Qaqortoq is a town in the Kujalleq municipality in southern Greenland. With a population of 3,230 as of 2011, it is the most populous town in southern Greenland, and the fourth-largest town in the country. The name is western Greenlandic and means "[the] white [one]".- History :The area around...

 followed in 1985, and in Maniitsoq

Maniitsoq

Maniitsoq is a town in the Qeqqata municipality in western Greenland. With 2,784 inhabitants as of 2010, it is the sixth-largest town in Greenland...

 in 1989.

On 8 June 1985 the bank merged with Nuna Bank (formerly Bikuben), with the capital of 120 million Danish krone

Danish krone

The krone is the official currency of the Kingdom of Denmark consisting of Denmark, the Faroe Islands and Greenland. It is subdivided into 100 øre...

 (DKK), retaining the name of Grønlandsbanken, and becoming the only commercial bank in the country.

Operations

The Bank of Greenland provides commercial services, as well as products and services for private customers such as loans, specialized and automated deposits, and property trading and administration. With 20,000 customers, the Bank of Greenland has branches in major towns in Greenland, while bank operations in small settlements are handled via the integrated Post Greenland

Post Greenland

Post Greenland is the company responsible for postal service in Greenland. The company is wholly owned by Tele Greenland A/S, operating under Greenland Home Rule...

 offices in the Pilersuisoq

Pilersuisoq

Pilersuisoq A/S is a state-owned chain of all-purpose general stores in Greenland. Based in Sisimiut, it is a subsidiary of KNI, the largest commerce company in the country...

all-purpose stores.