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This article is about the Icelandic bank. For Glitnir in Norse Mythology, see Glitnir. Glitnir Banki hf. Former type Public Industry Banking Fate Government custodianship, moratorium on payments Successor Nýi Glitnir (Icelandic business only) Founded Reykjavík, Iceland (traces history to 1904) Defunct 7 October 2008 Headquarters Reykjavík, Iceland Key people Þorsteinn Már Baldvinsson (Chairman of the board), Lárus Welding (CEO) Profit ISK 27,651 million (2007)[1] Total assets ISK 2,948 billion (2007)[1] Employees 1,980 (2007)[1] Website (Icelandic) Glitnir was an international 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. On 20 February 2009, in light of the Icelandic financial crisis, the bank’s name was changed back to the original Íslandsbanki.[2] By 15 October 2009, it was decided that 95% of the new Íslandsbanki would be taken over by the creditors of Old Glitnir, while the government of Iceland would retain ownership of the remaining 5%.[3][4] Contents 1 Ownership 2 Overview of operations 3 Government takes control 4 Glitnir management 5 See also 6 References 7 External links Ownership A third of the company was owned by Stodir.[5] A large share of Stodir was controlled by Baugur Group and Baugur Group reportedly by a number of companies which have address in a single mailbox in British Virgin Islands. Overview of operations Glitnir headquarters in Reykjavík. 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 also had a fully owned bank in Luxembourg (Glitnir Bank Luxembourg S.A) and banks and financial services companies in Norway. Glitnir considered Iceland and Norway its home markets. Since 2004, Glitnir had 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 continued to expand its operations in the Nordic countries. 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 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. Government takes control Main article: 2008 Icelandic financial crisis On October 7, 2008,[6][7] the Government of Iceland nationalised Glitnir by acquiring a 75% share in the bank for €600 million[8][9][10] through the Icelandic Financial Supervisory Authority. The government stated that it did not intend to keep the ownership of the bank for a long term period. The Norwegian subsidiary of Glitnir Bank, Glitnir Bank ASA, 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 Sparebanken Midt-Norge which acquired a 25-percent stake in the bank. SpareBank 1 SMN is headquartered in Trondheim and is Central Norway’s largest financial group.[11] Glitnir management 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.[12] Þorsteinn Már Baldvinsson was elected Chairman of the Board in February 2008. See also Íslandsbanki Kaupthing Bank Landsbanki Seðlabanki Íslands References ^ a b c "Annual Report 2007". Glitnir. Retrieved 2008-05-08.  ^ Íslandsbanki, Glitnir becomes Íslandsbanki (20 Feb 2009) ^ Íslandsbanki, Creditors Acquire 95% of Share Capital in Íslandsbanki (15 Oct 2009) ^ Íslandsbanki, New Strong Owners of Íslandsbanki (15 Oct 2009) ^ Government takes control of Glitnir, Iceland's third-largest bank ^ The Financial Supervisory Authority - Iceland, News: Based on New Legislation, the Icelandic Financial Supervisory Authority (FME) Proceeds to take Control of Glitnir to ensure Continued Commercial Bank Operations in Iceland (08.10.2008) ^ Glitnir Bank, News: Glitnir's Operations Continued – Lárus Welding to continue as CEO (08.10.2008) ^ "The government of Iceland acquires 75 percent share in Glitnir Bank". Glitnir. 2008-09-29. Retrieved 2008-09-30.  ^ "News and Articles: The Government of Iceland provides Glitnir with new equity". Prime Minister's Office. 2008-09-29. Retrieved 2008-09-30.  ^ "Iceland nationalises Glitnir bank". BBC News. 2008-09-29. Retrieved 2008-09-30.  ^ Glitnir ASA in Norway Sold under Value (Iceland Review Online) ^ "New Chairman of Glitnir Bank". IceNews. 2007-05-01. Retrieved 2008-09-30.  External links Official Home Page (Icelandic) - Official Home Page (Norwegian) - Official Home Page (Swedish) - Official Home Page (English) - Forbes Global 2000 (2007) v · d · eLate-2000s financial crisis Late 2000s recession · 2008 G-20 Washington summit · APEC Peru 2008 · 2009 G-20 London Summit · 2009 G-20 Pittsburgh summit · APEC Singapore 2009 · 2010 G-20 Toronto summit · 2010 G-20 Seoul summit Specific issues United States housing market correction · World food price crisis · Energy crisis (Central Asia) · Subprime mortgage crisis (timeline, List of writedowns) · Automotive industry crisis · 2008–10 California budget crisis · Future of newspapers · List of entities involved (Bankrupt or acquired banks, Bankrupt retailers) · Effects upon museums · Banking revelations in Ireland · Resurgence of Keynesianism · January 2008 Société Générale trading loss incident · European sovereign debt crisis By country (or region) Belgium · Greece · Iceland · Ireland · Latvia · Russia · Spain · Ukraine · (Europe · Africa · Americas · Asia · Oceania)  Legislation and policy responses Banking and finance stability and reform Banking (Special Provisions) Act 2008 · Commercial Paper Funding Facility · Emergency Economic Stabilization Act of 2008 · Troubled Asset Relief Program · Term Asset-Backed Securities Loan Facility · Temporary Liquidity Guarantee Program · 2008 United Kingdom bank rescue package · 2008 East Asian meetings · Obama financial regulatory reform plan of 2009 · Anglo Irish Bank Corporation Act 2009 · 2009 G-20 London Summit · Irish emergency budget, 2009 · National Asset Management Agency · Irish budget, 2010 · Dodd-Frank Wall Street Reform and Consumer Protection Act · Bank stress tests: EU, US Stimulus and recovery National fiscal policy response to the late 2000s recession · Housing and Economic Recovery Act of 2008 · Economic Stimulus Act of 2008 · 2008 Chinese economic stimulus plan · 2008 European Union stimulus plan · American Recovery and Reinvestment Act of 2009 · Fraud Enforcement and Recovery Act of 2009 · Green New Deal  Companies and banking institutions Companies in bankruptcy, reorganization, administration, or other insolvency proceedings. 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Donnelley · Sbarro · Borders Group Government interventions, rescues, and acquisitions Northern Rock (nationalisation) · Bear Stearns · IndyMac Federal Bank · Fannie Mae (takeover) · Freddie Mac (takeover) · AIG · Bradford & Bingley · Fortis · Glitnir · Hypo Real Estate · Dexia · CL Financial · Landsbanki · Kaupthing · Straumur · ING Group · Citigroup · General Motors · Chrysler · Royal Bank of Scotland Group · Bank of America · Anglo Irish Bank (nationalisation) · Parex Bank · Bank of Antigua · ACC Capital Holdings (reorganization) · U.S. Central Credit Union · Bank of Ireland · HBOS · Allied Irish Banks Company acquisitions Ameriquest Mortgage · Countrywide Financial · Bear Stearns · Alliance & Leicester · Merrill Lynch · Washington Mutual · Derbyshire Building Society · Cheshire Building Society · HBOS · Wachovia · Sovereign Bank · Barnsley Building Society · Scarborough Building Society · National City Corp. (details) · Dunfermline Building Society · Blockbuster Inc.  Other topics Alleged frauds and fraudsters Stanford Financial Group (Allen Stanford) (Laura Pendergest-Holt) · Fairfield Greenwich Group · UBS · Sean FitzPatrick (Anglo Irish Bank) · Kazutsugi Nami (Enten controversy) · Nicholas Cosmo · Arthur Nadel · Paul Greenwood · Stephen Walsh · Angelo Mozilo · Barry Tannenbaum · Proven or admitted frauds and fraudsters Bernard Madoff (Ponzi scheme) (Frank DiPascali) (David G. Friehling) · Satyam Computer Services (accounting scandal) (Ramalinga Raju)  · Raj Rajaratnam (Galleon Group) Marc Stuart Dreier · Norman Hsu · Joseph S. Forte · Du Jun · Scott W. Rothstein · Tom Petters Related entities Federal Deposit Insurance Corporation · Federal Reserve System · Federal Housing Administration · Federal Housing Finance Agency · Federal Housing Finance Board · Government National Mortgage Association · Office of Federal Housing Enterprise Oversight · Office of Financial Stability · UK Financial Investments Limited · United States Consumer Financial Protection Bureau · Federal Home Loan Banks Securities involved and financial markets Auction rate securities · Collateralized debt obligations · Collateralized mortgage obligations · Credit default swaps · Mortgage-backed securities · Secondary mortgage market Related topics Bailout · Bank run · 2009 California college tuition hike protests · Credit crunch · Dot-com bubble · Economic bubble · Financial contagion · Financial crisis · Great Depression · 2008 Greek riots · 2009 Icelandic financial crisis protests · Interbank lending market · Jon Stewart's 2009 criticism of CNBC · Liquidity crisis · Capitalism: A Love Story · 2009 May Day protests · 2010–2011 Greek protests · 2010 French pension reform strikes · 2010 UK student protests · 2010–2011 Middle East and North Africa protests · PIIGS · Tea Party protests · Inside Job (film) · 2011 United States public employee protests