Glitnir (bank)
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| Type | Public (OMX: GLB) |
|---|---|
| Founded | Reykjavík, Iceland (traces history to 1904) |
| Headquarters | Reykjavík, Iceland |
| Key people | Þorsteinn Már Baldvinsson (Chairman of the board), Lárus Welding (CEO) |
| Industry | Banking |
| Profit | ▲ ISK 27,651 million (2007)[1] |
| Total assets | ISK 2,948 billion (2007)[1] |
| Employees | 1,980 (2007)[1] |
| Website | www.glitnir.is www.glitnirbank.com |
Glitnir (OMX: GLB) is one of the three major commercial banks of Iceland. It was created by the state-directed merger of the country's three privately held banks - Alþýðubanki (Union Bank), Verzlunarbanki (Bank of Commerce) and Iðnaðarbanki (The Industrial Bank) - and one failing publicly held bank - Útvegsbanki (Fisheries Bank) - to form Íslandsbanki in 1990. At the time, Íslandsbanki was the only major privately held commercial bank in Iceland. It was publicly listed on Kauphöll Íslands, the Iceland Stock Exchange, in 1993. Íslandsbanki subsequently merged with FBA - The Icelandic Investment Bank in 2000.
Currently, the financial group Glitnir offers universal banking and is a leading niche player in three global segments; seafood/food, sustainable energy, and offshore supply vessels. Glitnir operates branches in London and Copenhagen, and has representative offices in Halifax, Canada, and in Shanghai, China. Services include retail, corporate and investment banking, stock trade and capital management. Glitnir is the sole owner of a bank in Luxembourg (Glitnir Bank Luxembourg S.A) and banks and financial services companies in Norway.
Glitnir considers Iceland and Norway its home markets. Since 2004, Glitnir has acquired BNbank and Glitnir bank (previously Kredittbanken), Glitnir Securities (previously Norse Securities) and Glitnir Kapitalforvaltning, the factoring company Glitnir Factoring (previously FactoNor), and 50.1 percent of Union Gruppen in Norway. In addition, Glitnir's subsidiary BNbank acquired 45 per cent of the shares in Norsk Privatøkonomi ASA, an independent financial advisory company with 12 branches in key areas of Norway in July 2006.
Glitnir continues to expand its operations in the Nordic region. In Sweden, Glitnir owns the leading Swedish brokerage firm Glitnir AB (formerly Fischer Partners). The acquisition of 68.1 per cent of the shares in the Finnish investment firm FIM (www.fim.com) was announced in early February 2007 and completed later in the spring of 2007.
Glitnir announced strong profits for 2006, with a return on equity after tax of 39.4 per cent.
On September 29, 2008 the Government of Iceland acquired a 75% share in the bank for 600 million euros.[2] [3] [4]
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[edit] Glitnir management
Lárus Welding is the Chief Executive Officer of Glitnir. The Chief Executive Officer appointed by the Bank's Board of Directors is responsible for the day-to-day operation of the Bank pursuant to the policy and resolutions of the Board of Directors. It is also the task of the CEO to ensure that the bank's operations are at all times consistent with the Articles of Association of the Company and applicable legislation.
Thorsteinn M. Jonsson was elected Chairman of the Board in April 2007.[5]
Þorsteinn Már Baldvinsson was elected Chairman of the Board in February 2008
[edit] See also
[edit] References
- ^ a b c "Annual Report 2007". Glitnir. Retrieved on 2008-05-08.
- ^ "The government of Iceland acquires 75 percent share in Glitnir Bank". Glitnir (2008-09-29). Retrieved on 2008-09-30.
- ^ "News and Articles: The Government of Iceland provides Glitnir with new equity". Prime Minister's Office (2008-09-29). Retrieved on 2008-09-30.
- ^ "Iceland nationalises Glitnir bank". BBC News (2008-09-29). Retrieved on 2008-09-30.
- ^ "New Chairman of Glitner Bank". IceNews (2007-05-01). Retrieved on 2008-09-30.
[edit] External links
- Official Home Page (Icelandic) - http://www.glitnir.is/
- Official Home Page (Norwegian) - http://www.glitnir.no/
- Official Home Page (Swedish) - http://www.glitnir.se/
- Official Home Page (English) - http://www.glitnirbank.com
- Forbes Global 2000 (2007)
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