Current operations in Denmark consolidated in London Reykjavik/Copenhagen - Thursday 27 February 2008 - Glitnir has decided to close down its branch in Copenhagen. The Bank will move most of its current operations from Copenhagen to London and to its headquarters in Iceland. This move is an important step in consolidating and aligning Glitnir's European business and thus creating cost synergies and increasing efficiency at the same time. Glitnir's office in London will be responsible for the bank's business in the UK and continental Europe. The Danish operation employs 17 people and has to a large extent been related to the bank's cross border activities, which in the future will be operated from other locations and service Danish clients. In the current market environment the Bank is focusing its international activities on the core strategy of building its corporate bank in Norway and providing selected financial services in the Nordic region. The bank is furthermore increasing the emphasis on its core clients internationally, particularly within the bank's niche areas of seafood and geothermal energy, where it holds a leading position. Glitnir has clearly stated that the Bank aims at consolidating its operation in 2008 around its core business. The Total Capital team dealing with Nordic and Danish integrated finance buyout transactions will continue its activities locally in a separate unit. Glitnir recently reported profits of ISK 33.9 bn. (EUR 387m) before taxes and a return on equity 19.3% for 2008. The Bank is in a comfortable liquidity position with EUR 7 billion immediate available funds with maturing long term debts of EUR 2.5 billion for the group due for the remainder of the 2008. The Bank has a robust capital ratio of 11.2%. For more information: Bjørn Richard Johansen, Managing Director, Global Corporate Communication, mobile: +47-22 82 56 93, Mobile: +47-47 800 100, e-mail: brj@glitnir.no About Glitnir Bank Glitnir is a Nordic bank, headquartered in Iceland, with operations in 11 countries. Our home markets are Iceland and Norway, where we offer a broad range of financial services, including corporate banking, investment banking, capital markets, investment management and retail banking. Outside our home markets we have operations in Finland, Sweden, UK, Luxembourg, US, Canada, China, Denmark and Russia. We drive our international expansion based on two specialised industry sectors: seafood and sustainable energy, where we have developed significant industry expertise built on our Icelandic and Norwegian heritage. Our shares are listed on OMX in Iceland under the ticker, GLB.
Glitnir rationalises its European operations
| Source: Glitnir banki hf.