SOURCE: Glitnir

October 24, 2007 05:39 ET

Glitnir -- 'Best Bank' in Iceland: Global Finance magazine ranks Glitnir 'Best Bank'

WASHINGTON, DC and REYKJAVIK, ICELAND--(Marketwire - October 24, 2007) -

Link to photo: From the National Press Club, Washington DC, Global Finance Publisher Joseph D. Giarraputo presented the award of "Best Bank" in Iceland 2007 to Lárus Welding, CEO of Glitnir. --

Global Finance, the international financial news magazine with 50,000 subscribers and more than 250,000 readers in over 158 countries, has named Glitnir the 'Best Bank' in Iceland in its 2007 'World's Best Developed Market Banks' awards. These awards are made to "those banks that attended carefully to their customers' needs and accomplished enviable results while laying the foundations for future success". The Award Ceremony took place at the National Press Club during the annual meetings for the International Monetary Fund (IMF) and World Bank this week.

This annual survey combines both quantitative, objective and subjective factors. Some of the areas evaluated are growth in assets, profitability, geographic reach, new business development and innovation in products. In addition, informed opinion is sought from equity and credit rating analysts, banking consultants and other industry players.

"We recognize Glitnir for their outstanding accomplishments," said Global Finance's publisher, Joseph D. Giarraputo. "Conditions in each markets may have differed but the winning banks were all noteworthy in their dedication to satisfying their customer's needs".

Global Finance audience includes chairmen, presidents, CEOs, CFOs, treasurers, and other financial officers responsible for making investments and strategic business decisions for large global companies and financial institutions. Global Finance also targets the 8,000 key portfolio investors who control over 80% of all assets under professional management.

Some of the other banks awarded top places in their markets were:

USA - Citi, Canada - RBC Capital Markets, - Denmark - Danske Bank, Norway - DnBNor, Sweden - SEB, UK - Barclays, Finland - OKO Bank, France - Societe Generale, Germany - Deutsche Bank, Netherlands - ABN AMRO, Switzerland - UBS, UK - Barclays, Hong Kong - HSBC.

After receiving the award in Washington DC on Monday, 22 October, Glitnir's CEO Lárus Welding said:

"I am very proud to accept this award on behalf of my colleagues in Glitnir. As a well-established Icelandic and Nordic based bank with a fast-growing international network, our aim is to deliver a reliable, yet dynamic and innovative banking service to our clients. To do this, we draw worldwide on the expertise within our group to provide our customers, be they in the US, Iceland or China, with top flight banking products and services. Thus the hard work and successes of our colleagues around the world have also contributed to our winning this award for our Icelandic operations."

Alexander Gudmundsson, CFO Glitnir, was also in Washington for the award ceremony, and said:

"Glitnir has grown substantially over the past year's and has done so without risking its profitability. In 2006 the Bank doubled both its revenues and profits and had a ROE of 39.4%. The ROE in the first 6 months of 2007 was 24.2%. In last year's liquidity crisis Glitnir showed its strength by showing both profit growth and retaining its strong capitalisation through a rocky period with current CAD ratio of 13.2% and a Tier 1 ratio of 9.49%, said Gudmundsson: "We have good momentum heading into the second half of the year and our goals are to maintain sustainable growth across all our businesses."

About Glitnir

The financial group and investment bank Glitnir offers universal banking and financial services. The Glitnir group has operations in Iceland, Norway, Sweden, Denmark, Finland, the UK, Luxembourg, Russia, Canada, China and the USA (Glitnir Capital Corporation). Glitnir was the largest broker on the OMX stock exchange in the Nordic countries in September 2007. Glitnir is a leading niche player in three global industry segments; seafood/food, sustainable energy, and offshore services vessels. Services include retail, corporate and investment banking, stock trade/brokerage and capital management. Glitnir considers Iceland and Norway its home markets. Glitnir is listed on the Icelandic Stock Exchange. For more information:

Contact Information

  • For more information:
    Lárus Welding
    via mobile +47-47 800 100

    Bjørn Richard Johansen
    Managing Director, Corporate Communication
    mobile +47 47 800 100

    For photos: