Glitnir Banki hf.

Company type	Public (Nasdaq Iceland: GLB – stock delisted)
Industry	Banking
Founded	Reykjavík, Iceland (traces history to 1904)
Fate	Government custodianship, moratorium on payments
Successor	Nýi Glitnir (Icelandic business only)
Headquarters	Reykjavík, Iceland
Key people	Þorsteinn Már Baldvinsson (Chairman of the board), Lárus Welding (CEO)
Net income	ISK 27,651 million (2007)[1]
Total assets	ISK 2,948 billion (2007)[1]
Number of employees	1,980 (2007)[1]
Website	www.glitnir.is Template:Is icon www.glitnirbank.com

Glitnir was an Icelandic bank. It was created by the state-directed merger of the country's three privately held banks - Alþýðubanki (Union Bank), Verzlunarbanki (Bank of Commerce) and Iðnaðarbanki (Industrial Bank) - and one failing publicly held bank - Útvegsbanki (Fisheries Bank) - to form Íslandsbanki in 1990. At the time, Íslandsbanki was the only major privately held commercial bank in Iceland. It was publicly listed on the Iceland Stock Exchange, in 1993. Íslandsbanki subsequently merged with FBA Icelandic Investment Bank in 2000.

In February 2009, in light of the Icelandic financial crisis, the bank’s name was changed back to the original Íslandsbanki.

The financial group Glitnir offered universal banking and was a leading niche player in three global segments; seafood/food, sustainable energy, and offshore supply vessels. Glitnir operated branches in London and Copenhagen, and had representative offices in Halifax, Canada, and in Shanghai, China. Services included retail, corporate and investment banking, stock trade and capital management. Glitnir is the sole owner of a bank in Luxembourg (Glitnir Bank Luxembourg S.A) and banks and financial services companies in Norway.

Glitnir considers Iceland and Norway its home markets. Since 2004, Glitnir acquired BNbank and Glitnir bank (previously Kredittbanken), Glitnir Securities (previously Norse Securities) and Glitnir Kapitalforvaltning, the factoring company Glitnir Factoring (previously FactoNor), and 50.1 percent of Union Gruppen in Norway. In addition, Glitnir's subsidiary BNbank acquired 45 per cent of the shares in Norsk Privatøkonomi ASA, an independent financial advisory company with 12 branches in key areas of Norway in July 2006.

Glitnir continues to expand its operations in the Nordic region. In Sweden, Glitnir owns the leading Swedish brokerage firm Glitnir AB (formerly Fischer Partners). The acquisition of 68.1 per cent of the shares in the Finnish investment firm FIM (www.fim.com) was announced in early February 2007 and completed later in the spring of 2007. Glitnir announced strong profits for 2006, with a return on equity after tax of 39.4 per cent.

On September 29, 2008 the Government of Iceland stated that it intended to nationalize Glitnir by acquiring a 75% share in the bank for €600 million.^{[2] [3] [4]} The government stated that it did not intend to keep the ownership of the bank for a long term period. However, the nationalization of Glitnir never went through as Glitnir was taken over by the Icelandic Financial Supervisory Authority before the initial plan of the Icelandic government to purchase a 75% stake in the bank had been approved by the bank. The Financial Supervisory Authority (FME) took control of Glitnir on October 7.^[5][6]

The Norwegian subsidiary of Glitnir Bank, Glitnir Bank ASA in Norway, was sold for NOK 300 million on October 21, 2008, or ISK 5.5 billion, but its current worth is estimated at ISK 36.5 billion. Glitnir Bank ASA was bought by 20 savings banks. The takeover was led by Finn Haugan, the managing director of Sparebank 1 SMN which acquired a 25-percent stake in the bank. SpareBank 1 SMN is headquartered in Trondheim and is Central Norway’s largest financial group.^[7]

Lárus Welding was the Chief Executive Officer of Glitnir when the bank was taken into government administration late September 2008. The Chief Executive Officer appointed by the Bank's Board of Directors is responsible for the day-to-day operation of the Bank pursuant to the policy and resolutions of the Board of Directors. It is also the task of the CEO to ensure that the bank's operations are at all times consistent with the Articles of Association of the Company and applicable legislation.

Thorsteinn M. Jonsson was elected Chairman of the Board in April 2007.^[8]

Þorsteinn Már Baldvinsson was elected Chairman of the Board in February 2008.

• Kaupthing Bank
• Landsbanki
• Seðlabanki Íslands

• Official Home Page Template:Is icon - http://www.glitnir.is/
• Official Home Page Template:No icon - http://www.glitnir.no/
• Official Home Page Template:Sv icon - http://www.glitnir.se/
• Official Home Page Template:En icon - http://www.glitnirbank.com
• Forbes Global 2000 (2007)