SOURCE: Glitnir

October 04, 2007 09:33 ET

Glitnir Bank and Fu Ji Catering Sign Strategic Consulting Agreement

SHANGHAI, CHINA and REYKJAVIK, ICELAND--(Marketwire - October 4, 2007) - Glitnir, the Nordic bank, and the Chinese catering company Fu Ji today announced their conclusion of a strategic consulting agreement. Under the agreement, Glitnir will act as financial and strategic consultant for Fu Ji, as the company further grows its business in China. Glitnir will draw upon its expertise in the international seafood industry, working through the Bank's representative office in Shanghai. The signing took place at a reception in Shanghai hosted by the Iceland Business Forum in China, in the presence of the President of Iceland, HE. Ólafur Ragnar Grímsson, who is visiting Shanghai for the Special Olympics.

The agreement will ensure Fu Ji the necessary consulting resources for strategic growth in the Chinese market. The company, which is listed on the Hong Kong stock exchange, with a market Cap of just over $ 2 billion, is already the largest domestic catering service provider in Shanghai, serving more than one million meals every day.

Wei Dong, Chairman of Fu Ji Catering calls the agreement an important milestone for Fu Ji: "We have grown very fast for the past few years and our business in China is going very well. Our aspiration is to grow further, and Glitnir is a key partner in that strategy. The Bank has an excellent network and possesses expertise within the food industry and we intend to take advantage of that expertise. They also know the Chinese market well, so for us Glitnir is the ideal partner in taking this important step in our company's history."

Magnús Bjarnason, Glitnir's Executive Vice President of International Banking, says the agreement with Fu Ji is very important for the bank. "Fu Ji is very well positioned for further growth in the areas they are targeting and we believe we have the resources to work with them on their ambitious goals. Fu Ji is a very well run company which has enjoyed exceptional growth over the past few years. The Chinese economy is being shaped by new entrepreneurs and it is of great importance for Glitnir to work closely with such people in our Chinese operations. Wei Dong is a perfect example of such an entrepreneur, who has built his company into the largest provider of chilled ready meals in China."

Jiang Zhu, Chief Representative for Glitnir in Shanghai says that he is very pleased with the co-operation with Fu Ji: "This is a landmark development in our business relationship with Fu Ji and we look forward to working closely with them on their strategic growth here in China. Fu Ji is an interesting company with huge potentials in the fast growing Chinese consumer market for ready made food."

Earlier today, the President of Iceland visited Glitnir's office in Shanghai and met with Mr. Jiang Zhu, Glitnir's Chief Representative in China and other staff members.

About Fu Ji

Fu Ji is the largest domestic catering services provider in Shanghai. The company specializes in providing integrated catering solutions and supplying quality food. Backed by solid technical know-how, centralized processing and restaurant management capabilities, they are rapidly developing into an outstanding food and catering chain operator, providing quality food and services for business and leisure users alike. Fu Ji's focus is on developing specialized solutions that meet its clients' catering needs and the operations -- Catering Services, Chinese Restaurants and Convenience Foods -- complement each other perfectly. For more information: www.fujicatering.com

About Glitnir

The financial group Glitnir offers universal banking and financial services, with the Nordic region as its home base. Glitnir is a leading niche player in three global industry segments: seafood/food, sustainable energy, and offshore services vessels. The group's services include retail, corporate and investment banking, stock trade/brokerage and capital management. Glitnir considers Iceland and Norway as its home markets. The Glitnir group has operations in Iceland, Norway, Sweden, Denmark, Finland, the UK, Luxembourg, Russia, USA (Glitnir Capital Corporation), Canada and China. Glitnir is listed on the Icelandic Stock Exchange. For more information see www.glitnirbank.com

Press release (PDF): http://hugin.info/133924/R/1157923/223828.pdf

http://www.glitnir.com

Contact Information


  • For further information:
    Magnús Bjarnason
    Executive Vice President for International Banking
    Glitnir
    Phone +354 844 4523

    Bjørn Richard Johansen
    Managing Director, Corporate Communications
    Glitnir
    Phone: +47-47 800 100
    E-mail: Email Contact

    John Zhao
    Director - Investor's Relations
    Fu Ji
    Tel: +86 139 1797 6525

    For photos: E-mail: Email Contact