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Glitnir (ICE:GLB) Photo: Morten Bjørnsen, Managing Director, Glitnir Bank ASA
Oslo 9 October 2008 - Glitnir Bank ASA has secured liquidity through financing of NOK 5 billion from the Norwegian Banks' Guarantee Fund. The process of selling the bank has been initiated. - Given the current conditions, this is a good solution for our customers, our employees and the Norwegian financial market, says Morten Bjørnsen, Managing Director of Glitnir Bank ASA.
The reason for the support measure is the negative short term liquidity situation which occurred following the global financial crisis, which has had drastic consequences for the financial industry of Iceland. The board and management of the Norwegian Glitnir Bank ASA contacted the Norwegian Financial Supervisory Authority (FSA) with the aim of finding a solution to the situation.
- Glitnir Bank and the FSA have, together with the Norwegian Banks' Guarantee Fund, reached a solution which given the current conditions is the best for both employees, customers and the Norwegian financial market. Our co-operation has worked well, says Managing Director Morten Bjørnsen in Glitnir Bank.
He emphasises that Glitnir Bank is a solid bank with a sound loan portfolio. - Due to the financial crisis and the fact that hardly anyone is willing to lend money, we were still faced with the challenge of meeting our short term obligations, says Morten Bjørnsen.
The Norwegian Banks' Guarantee Fund has decided to support the bank through financing of up to NOK 5 billion. This secures adequate liquidity. Glitnir Bank ASA is a Norwegian bank, with a Norwegian licence, and thus a member of the Norwegian Banks' Guarantee Fund. The fund guarantees for deposits up to NOK 2 million.
The management of Glitnir Bank has been given the mandate from the current owner to sell the bank. Mr. Jon Gunnar Pedersen in Arctic Securities is the bank's advisor in this process.
- The process of finding a buyer for the bank has started. Our ambition is to complete this process as soon as possible. We will strive to find a new owner that can build on the values created in the bank, says Morten Bjørnsen.
For further information, please contact: Bjørn Richard Johansen, managing director of corporate communication, mobile + 47- 47 800 100, e-mail: brj@glitnir.no Lars N. Sæthre, press coordinator, tel. + 47 920 16 566, e-mail: communication@glitnir.no For hi-res photographs, please contact Ann-Karin Jørgensen via e-mail akj@glitnir.no www.glitnir.no
