Glitnir wins Bank of the Year 2007

GlitnirThe Banker magazine named Glitnir as Icelandic ‘Bank of the Year’ at its annual awards ceremony last week in London.

Nordic bank Glitnir won the award during a presentation at the Dorchester hotel in London on Wednesday.

Judges for The Banker magazine said they were impressed by Glitnir’s “targeted acquisitions and outstanding 80% profit increase.” The Banker magazine is world’s oldest international banking magazine and a member of the Financial Times group.

The Banker also said, “Glitnir has taken over a number of small brokerage houses and broke into the Nordic equity brokerage market with a combined 6.16% market share – the third highest in the field. Acquisitions were carried out in a disciplined and effective manner.”

The magazine praised Glitnir in its efforts to enhance and promote the banking system in Iceland and pointed to Glitnir’s outstanding performance over the past few years.

CEO of Glitnir, Larus Welding, said the ‘Bank of the Year’ award was a “vote of confidence” in the Nordic bank which is currently “working hard to build the Glitnir brand internationally”.

Over 100 banks around the world were evaluated for the 2007 awards. Banks were judged on their most recent growth rates and performance results, as well as how well equipped they were for future development.

Glitnir also won the Global Finance Magazine Icelandic ‘Best Bank’ award in October. Commenting on both awards Larus Welding said, “These accolades are a tribute to the bank’s focus on customers and its drive to provide reliable, yet dynamic and innovative services.”

Glitnir is a niche player in three global industry segments: seafood / food, sustainable energy and offshore services vessels as well as offering universal banking and financial services. The Glitnir group is based in Iceland and Norway but also operates in Sweden, Denmark, Finland, Luxembourg, Russia, US, Canada, China, the UK and the US.