SOURCE: Glitnir

August 23, 2007 03:47 ET

Glitnir Bank Starts Its Operations in the Beginning of October

HELSINKI, FINLAND and REYKJAVIK, ICELAND--(Marketwire - August 23, 2007) - The FIM Group Corporation, Helsinki, Finland, expands its services to cover banking as well. Glitnir Bank Ltd, which is part of the FIM Group, starts its operations on the 1st of October 2007.

The Finnish Financial Supervision Authority has granted FIM Securities Ltd, which belongs to the FIM Group, on the 21st of August 2007 the authority to operate as a credit institution and the right to act as a Finnish deposit bank. In the same conjunction, the name FIM Securities Ltd will change, and the company will continue to operate under the name of Glitnir Bank Ltd.

Glitnir Bank is a member of the Deposit Guarantee Fund, and the deposits in Glitnir Bank are covered by the Finnish deposit guarantee.

The Chairman of the Board of Directors of Glitnir Bank Ltd is Timo T. Laitinen and the members of the Board are Pekka Väisänen and Vesa Honkanen. Pekka Väisänen acts as the CEO of both FIM Group and Glitnir Bank. Since March 2007, FIM has been part of the Nordic Glitnir financial group. Glitnir Group's product portfolio includes asset management, brokerage and banking services for private persons and companies.

New banking services

The banking services expand FIM's investment and savings offering from the beginning of October, otherwise FIM's current services remain unchanged.

"In the future, we will focus especially on interesting investment solutions, such as various deposit products and credit alternatives, which help increase our clients' wealth. We are a cost efficient web bank, which enables us to offer competitive products. For now, we do not offer mortgage loans, but Glitnir Group's international know-how and extensive product and service portfolio enables us to grow Glitnir Bank product offering in the future," Teri Heilala, Head of Retail Banking, says.

An account in Glitnir Bank can be opened from 1st October 2007 onwards via our web service and all our offices. Glitnir Prime interest rate is from 1st October 2007 onwards 4.25%. The interest rate we offer for client bank accounts is 4% till the end of year 2007.

FIM Group Corporation Facts about FIM:

FIM is a growing investment services group that offers asset management, brokerage and investment banking services for private individuals and organizations. Since March 2007 FIM is part of Nordic financial group Glitnir. In addition to the head office in Helsinki, FIM has regional offices in Espoo, Jyväskylä, Kuopio, Lahti, Oulu, Riihimäki, Tampere, Turku and Vaasa. FIM also operates in Stockholm and Moscow. The company had net sales in 2006 of EUR 82.0 million, and it posted operating profit of EUR 19.1 million. FIM had a payroll of 284 employees at the end of 2006. www.fim.com and www.glitnir.fi

Facts about Glitnir:

Glitnir is a leading Nordic based bank and finance institution. In the Northern Europe Glitnir concentrates on selected business lines including investment management, investment banking, corporate banking and securities market. Glitnir considers Northern Europe its home market. The Glitnir group has operations in Nordic countries, the UK, Luxembourg, Russia, Canada and China and plans to open a US office in New York in the fall of 2007. Glitnir is listed on the Icelandic Stock Exchange. www.glitnirbank.com

Contact Information

  • Further information:

    Timo T. Laitinen
    Chairman of the Board of Glitnir Bank Ltd.
    tel. +358 9 6134 6525

    Teri Heilala
    Head of Retail Banking
    tel. +358 9 6134 6521

    Bjørn Richard Johansen
    Managing Director
    Glitnir Corporate Communication
    tel. +47 47 800 100

    Anssi Partanen
    Corporate Communication Manager
    tel. +358 9 6134 6429

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    www.fim.com