Frank O. Reite will become an active investor in Glitnir Property Holding, of which he is Chairman and has decided at the same time to step down as Executive Vice President in Glitnir banki hf. as of end of September. Mr. Reite will continue to have a close relationship with Glitnir, specifically in the further development of Glitnir Property Holding and as a strategic advisor for the Bank. Frank O. Reite will acquire approximately 6% of Glitnir Property Holding and continue as Chairman. His aim is to expand and grow the activities of the company. After Glitnir Property Holding's purchase of BSA (FSA approval is pending) and the sale of shares to Mr. Reite, Glitnir's holding will be approximately 60.85%. Vilhelm Már Thorsteinsson, Managing Director, will assume Reite's responsibilities for the banks M&A and Integration team (Strategic Growth) reporting directly to Larus Welding CEO.