Glitnir boosts liquidity through European restructuring

Nordic bank Glitnir will release up to 1 billion Euros ($1.6 billion) in liquidity when it exits its commercial property financing business based in Luxembourg.

The bank, which is known for its expertise in sustainable energy and the seafood industry, will focus its Luxembourg office on servicing its investment management business and other customers. Glitnir will also run down a large part of its real-estate loan portfolio in Luxembourg and at the same time strengthen its liquidity position.

The restructuring of Glitnir’s European banking business is part of the bank´s efforts to consolidate operations around its core business this year, efforts which included the closure of its Danish operations earlier this year.

“These moves represent an important step in consolidating and aligning Glitnir’s European business, thus creating cost synergies and increasing efficiency at the same time,” said Executive Vice President of Glitnir Europe, Helgi Anton Eriksson.

“It furthermore shows our flexibility in managing our balance sheet in the current market environment. With these changes, we will run a more focused and aligned banking operation in Europe in the future”, he added.

For more information on Glitnir, visit www.glitnirbank.com