August 16, 2006 02:00 ET

BNbank and Glitnir Strengthen Distribution in Norway: BNbank Acquires 45 Per Cent of Shares in Norsk Privatøkonomi ASA

TRONDHEIM, NORWAY and OSLO, NORWAY--(CCNMatthews - August 15, 2006) - BNbank, a part of the Icelandic financial group Glitnir, today entered into an agreement to acquire 45 per cent of the shares in Norsk Privatokonomi ASA. Norsk Privatokonomi ASA is a independent financial advisory company with 12 branches in key areas of Norway. The acquisition strengthens BNbank and Glitnir's distribution in Norway.

Norsk Privatokonomi ASA (NPO), who recently obtained a securities firm licence, offers financial advice to private clients, including financial planning, savings, tax advisory/tax planning, estate division, pension saving schemes, and other financial products. The company has 90 employees in 12 cost-effective branches located in Oslo, Bergen, Trondheim, Drammen, Haugesund, Stavanger, Alesund, Fredrikstad, Kristiansand, Stjordal, Heimdal, and Sotra.

In the first six months of 2006, Norsk Privatokonomi arranged loans to a total value of NOK 2.8 billion and sold savings products to a value of NOK 1.1 billion. This represents increases of 56 per cent and 137 per cent respectively, compared to the corresponding period last year.

"Our aim is to consolidate our distribution capacity, by combining Norsk Privatokonomi's strong position in the financial advisory market with BNbank's solid product platform" said Gunnar Jerven, CEO of BNbank.

"We are delighted that a large, solid player like BNbank wants to become one of the owners of Norsk Privatokonomi. This enables us to develop further Norsk Privatokonomi's operations," commented Tor Laegreid, CEO of Norsk Privatokonomi.

"Norsk Privatokonomi holds a firm position in the market for financial consultancy. This market is continuously growing, and the products offered are becoming more advanced. There is also a growing market for more expert advice regarding asset management and financial planning," said Gunnar Jerven.

"At the same time, the authorities are imposing stricter regulations on players in this market. We are therefore pleased to note that Norsk Privatokonomi has adjusted its organisation and operations, thereby qualifying for a licence from the Financial Supervisory Authority of Norway to trade in financial instruments," continues Gunnar Jerven.

"The strategic co-operation between BNbank and Norsk Privatokonomi and the acquisition of shares in the company will also contribute to a closer co-operation with other units of the Glitnir group. We e.g. expect Norsk Privatokonomi and Glitnir subsidiaries UNION Group and Glitnir Kapitalforvaltning to join forces for specific projects," said Mr. Jerven.

As BNbank's main office in Trondheim will be responsible for the execution of the agreement with Norsk Privatokonomi, the acquisition is expected to strengthen BNbank's activities in Trondheim.

The completion of the acquisition is dependent on a satisfactory due diligence process and approval from Norwegian authorities. The parties have agreed not to disclose the acquisition price.

Norsk Privatokonomi ASA

Norsk Privatokonomi ASA (NPO) is a financial group with 90 employees in 12 branches in Norway. Offices are located in Oslo, Bergen, Trondheim, Drammen, Haugesund, Stavanger, Alesund, Fredrikstad, Trondheim - Heimdal, Kristiansand, Bergen Sotra and Stjordal. NPO ASA recently merged operations,consisting of sales offices with a long history, broad knowledge and experienced employees. NPO expects to further expand operations in the years ahead. Turnover, which in 2005 was NOK 141 million, is expected to grow further in 2006. Planning: NPO ASA offers total financial planning for private clients, and facilitates for the various needs and opportunities clients face through different stages of their lives. Consultancy: Experienced consultants offer advice regarding savings, tax planning, estate/division of estate and pension saving schemes. Sales: With the help of leading financial logistics systems, our specially trained sales staff assemble complete packages of the best solutions available for each individual client. For more information, visit:


BNbank (Bolig- og Naeringsbanken ASA) is a subsidiary of the finance group Glitnir. From its main office in Trondheim and branch in Oslo, BNbank serves both private and commercial banking clients all over Norway, offering competitive terms on a limited range of standard products. BNbank's private banking product range includes current and savings accounts, payment transfers, and mortgages and loans. The commercial clients offer includes long-term mortgages, building loans, credit lines, security, deposit accounts and payment transfers. BNbank's subsidiary BNkreditt is Norway's largest credit company for real estate financing. While BNbank traces its origins back to 1961, it has operated as a bank since 1992. Read more about BNbank at


Glitnir is a leading financial group in Iceland, and offers universal banking and insurance services. The group has branches in London, Luxembourg, Norway and Denmark, and is listed on the Icelandic Stock Exchange (Kaupholl Islands). Total assets at the end of Q2 2006 was ISK 2,023 billion. In Norway the Glitnir group owns BNbank, with main offices in Trondheim and a branch in Oslo, Glitnir Bank, with main offices in Alesund and branches in Fosnavag and Oslo, Glitnir Securities and Glitnir Kapitalforvaltning in Oslo, Glitnir Factoring in Alesund, and 50.1 per cent of the shares in UNION Gruppen in Oslo. In Sweden, the group owns the leading brokerage firm Fischer Partners in Stockholm. The Glitnir group has 1300 employees, of whom 234 in Norway and 75 in Sweden. For further information, visit: and

NPO ASA presentation:

Gunnar Jerven, managing director BNbank and Tor Lagreid, managing director,


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