News of Creditinfo HQ being moved to Europe


Creditinfo HQ in Reykjavik

As some of you may already know, we have been in the news in Iceland recently regarding the possibility of moving Creditinfo Group HQ.  We have been moving towards this for some time, both as regards the legal registration and physical location.  The legal aspect has mainly to do with financing.  Iceland still has currency restrictions and the government is keeping businesses in the dark regarding relaxation of this.  We have enough Icelandic Kronas but at times lack other currencies.  Interest rates in Iceland are also high.  As for the physical location, what we need to do is to have a base for expansion closer to new markets. Reynir used to be the only one in Iceland working for international operation, now we are 6, with the need to add a few more, considering all the opportunities that are presenting themselves.

We did not send out a press release or plan to make this subject of the news.  But Reynir is asked direct questions he will usually just tell the truth.  He was being interviewed as an entrepreneur and asked about how it is to operate an international company in Iceland with the currency restriction; he mentioned that we plan to move.  And, as it turned out, this became somewhat big news.

Let’s see what will happen regarding creating a new base.  As regards the legal registration, we will just move it to where it suits our strategy or we will keep it where it is if they change the laws.

So, HQ will remain is Iceland for now, where it is currently snowing (another reason for moving?).  But by we expect that by the end of the year we will have seen some changes, aimed at strengthening our position as the global leader in establishment of credit bureaus in developing markets.