HQ acquires Glitnir AB

HQ acquires Glitnir AB 

HQ AB has entered into an agreement with Glitnir banki hf to acquire all the
shares in Glitnir AB for a purchase price of approximately 60 million SEK, to be
paid in cash upon completion. Glitnir AB is a wholly owned subsidiary to Glitnir
banki hf. Glitnir AB offers services in institutional trading, research,
corporate finance and private banking and also operates its own trading
division. 

The acquisition is a complement to HQ's existing investment banking operations
and includes a wide client base both within and outside Sweden. The acquisition
will enhance HQ's value through a wider product offering. 

”We see this as a unique opportunity to acquire a company with a good value
proposition and strong market share despite the harsh market conditions. The
core operations are growing and we see great potential in developing the key
competences that the Glitnir AB employees possess in this field.” says Fredrik
Crafoord, deputy CEO and chief of investment banking at HQ.

”We will be able to offer our clients a wider product offering within investment
banking. This transaction will further lead to increased efficiency and lower
costs through various administrative and infrastructural synergies. Furthermore,
it will broaden HQ's income base.” says Mikael König, CEO of HQ.

HQ will not assume any obligations of Glitnir Banki hf., such as client claims
or payments due, since the transaction only involves the Swedish based Glitnir
AB. The acquisition is conditional to the approval of the Financial Supervisory
Authority. The completion of the acquisition will be made in conjunction with
such approval, which is expected within a short period of time. 

The transaction is expected to have a positive effect on HQ's earnings per share
for the current year.

For further information: 

Mikael König, CEO of HQ, Tel: +46 (0) 696 17 00 
Fredrik Crafoord, Deputy CEO and chief of Investment Banking at HQ, Tel: +46 (0)
696 17 00
Anders Holmgren, CEO, Glitnir AB,  tel. +46 8 4638510, mobile: +46 7 06523731.

HQ Bank AB explores, innovates and performs in order to improve wealth and
deliver financial success.

HQ Bank conducts operations within the business units Investment Banking and
Private Banking.

The company is represented in eight locations in Sweden and has its head office
in Stockholm
HQ Bank has around 250 employees.

The company is listed on the Swedish Mid Cap list of the OMX Nordic Exchange
(HQ).