NEWS

WIRES

OTHER

Glitnir strengthens the Nordic management team: Morten Bjørnsen, Fokus Bank, takes on leadership role for Glitnir's Nordic banking operations

Photos: Morten Bjørnsen, new head of Glitnir's Nordic banking operations in Norway, Sweden and Finland -- http://hugin.info/133924/R/1118085/204996.jpg

Reykjavik/Oslo, 12 April 2007 - Glitnir today announced the appointment of Morten Bjørnsen (47), currently Executive Vice President in Fokus Bank, as new head of Glitnir's Nordic banking operations in Norway, Sweden and Finland. This position includes the owner's responsibility for Glitnir's successful banking operations in Norway and the coordination of the group's banking activities in Sweden and Finland. BNbank, BNkreditt, Glitnir Bank ASA, Glitnir Factoring and BNbank's ownership in Norsk Privatøkonomi will be part of Bjørnsen's unit. Bjørnsen will start in Glitnir as of August 1.

"I am extremely pleased to be able to announce that we now have Morten Bjørnsen on board as head of Glitnir's Nordic banking operations. Morten has a broad banking background, from his 20 years with Fokus Bank and DnB, both in Norway and internationally, including extensive experience from the energy and offshore sectors. These industries are of vital importance for Glitnir both in a global and Norwegian context", says Bjarni Armannsson, CEO of Glitnir.

Morten Bjørnsen has been part of Fokus Banks top management group since he joined the bank in 1999, first as the regional director for Rogaland, later as Executive Vice President (EVP) and head of the corporate banking division. Since 2005 he has been EVP and head of Eastern Norway and Specialized Industries. This included a nationwide responsibility for the banks large corporate segment, the shipping industry, structured finance, financial institutions and Fokus Merchant Bank. Before joining Fokus Bank, Bjørnsen held various positions in DnB from 1986 to 1999, primarily within the energy sector in Oslo and Houston.

"During my two decades in banking, I have had the privilege to work for two of the strongest financial institutions in Norway, as well as on the Nordic arena. I have followed Glitnir's entry into Norwegian banking since 2004 and have been impressed by the success with which the group has implemented its targeted strategy. I am excited about the opportunity to join Glitnir and the opportunity to contribute to the group's further growth in Nordic banking," says Morten Bjørnsen, who will join Glitnir in the early fall.

Since it first acquisition in Norway in 2004, the Glitnir group has grown considerably in the Nordic financial markets. To accommodate this and further growth, the group introduced a new organisational structure in February. To date, Frank O. Reite has filled the position as Executive Vice President both for Nordic banking and for Glitnir Markets, as well as heading Glitnir's Strategic Growth activities and integration work. Reite will now concentrate on Strategic Growth and Markets operations, which include Glitnir Securities in Norway, Glitnir AB in Sweden as well as Glitnir Property Group in Norway, Glitnir Markets Reykjavik and the newly acquired asset management company FIM in Finland.

For further information, please contact:

Bjarni Armannsson, CEO of Glitnir
phone: + 354-440-4005 or via +47-47 800 100
Morten Bjørnsen, new Head of Nordic Banking operations in Glitnir,
phone +47-951 77 282
Bjørn Richard Johansen, Managing Director, Corporate
Communication, Glitnir,
phone +47-47 800 100

Facts about Glitnir

The financial group Glitnir offers universal banking and is a leading niche player in three global segments; seafood/food, sustainable energy, and offshore supply vessels. Glitnir considers Iceland and Norway its home markets. Services include 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 (BNbank and Glitnir Bank, Glitnir Securities, Glitnir Factoring and Glitnir Property Group, as well as Norsk Privatøkonomi ASA, where BNbank has a 45 percent ownership share). In Sweden, Glitnir owns the brokerage firm Glitnir AB. Glitnir recently acquired 68.1 percent of the shares in the asset management company FIM, with offices in Finland, Sweden and Russia. Glitnir also operates branches in London and Copenhagen, has representative offices in Halifax, Canada and in Shanghai, China, and will open an office in New York in 2007. Glitnir is listed on the Icelandic Stock Exchange. For more information go to: www.glitnirbank.com (English), www.glitnir.is (Icelandic) or (Norwegian).

Copyright © Hugin ASA 2007. All rights reserved.