- Birna Einarsdóttir takes over as Executive Vice President of Glitnir Retail Banking in Iceland

Changes have been made in the Glitnir Banki hf. Executive Management, with
Birna Einarsdóttir, Executive Vice President of Corporate Development, taking
over as Executive Vice President of Glitnir Commercial Banking in Iceland. Jón
Diðrik Jónsson, who has served as the Bank's CEO in Iceland, will step down at
his own request. 

Following the changes, all the Bank's services to private and corporate
customers of Glitnir's branch network throughout Iceland, will fall within the
scope of the Bank's Iceland Retail Banking Division. Einarsdóttir will continue
to be responsible for Glitnir branding. Corporate Banking Iceland, which has
been a part of the Retail Banking Iceland, will be transferred to Corporate
Banking, headed by Executive Vice President Guðmundur Hjaltason. 

Lárus Welding, Glitnir CEO, says that the changes are a part of the ongoing
transformation process of recent months: "In recent years, the Bank has changed
from being an Icelandic bank into an international financial enterprise. Jón
Diðrik Jónsson has been a key player in developing the strategy adopted by the
Bank. He has done an outstanding job for Glitnir. It is a matter of great
satisfaction that Birna Einarsdóttir is taking over as Executive Vice President
of Commercial Banking in Iceland. Birna commands extensive knowledge of these
operations and we are extremely optimistic about the outcome of her work." 

Birna Einarsdóttir has worked in the financial sector for a number of years.
For the past months she has been responsible for the Bank´s Corporate
development unit. From 2004-2006 she was in charge of Glitnir's marketing and
sales operations and in 2006 she directed the Bank's successful re-branding.
Einarsdóttir formerly worked for 6 years with Royal Bank of Scotland in
Edinburgh and, prior to that, was director of marketing and sales at
Íslandsbanki. Einarsdóttir has a B.Sc. in Business Administration and an MBA
degree from The University of Edinburgh. 
The changes will be effective as of August 1. 

For further  information, please contact:

Lárus Welding, CEO, tel.+354-440-4005
Pétur Þ. Óskarsson, Managing Director for Corporate Communications, tel.
+354-844-4990