REYKJAVIK (Dow Jones)--Icelandic bank Glitnir Bank Hf. (GLB.IC) aims to keep up the pace of northern European acquisitions, hoping to strengthen its international presence - particularly within proprietary management in Scandinavia, the company's chief executive said Wednesday.
In an interview with Dow Jones Newswires, Glitnir CEO Bjarni Armannsson said the bank is continuing to look into new investment opportunities and that further acquisitions is therefore likely, especially in Norway and Sweden.
"We've made six buys in Norway in the last 24 months - that makes one every four months - and I believe that we at least will keep trying to continue at this pace," he said.
"We need to pull ourselves together when it comes to real estate and savings products," he said, explaining that the bank needs a greater push into proprietary management, including broking, financing, bridge financing, equity distributions and managing real estate through funds.
"The yield is high (in this area)," he said. "We need to develop from only lending through senior loans to go into proprietary management."
So far this year, Glitnir has bought Swedish brokerage firm Fischer Partners, a 45% stake in Norwegian industrial financial advisory company Privatoekonomi, as well as a 50.1% stake in Norwegian brokerage and commercial real estate firm UNION Group. In 2005, it bought the financial services companies Norse, BNbank and Kredittbanken in Norway.
Viðskiptablaðið er 25 ára og af því tilefni býðst nýjum áskrifendum að kaupa áskrift á 50% afslætti.
Afmælisverðið er aðeins 2.500 krónur.
Tilboðið er fyrir nýja áskrifendur. Núverandi áskrifendur geta bætt við sig áskrift á þessu verði. Gildir í 4 mánuði. Áskrifendur fá Viðskiptablaðið, Frjálsa verslun og Fiskifréttir sent ásamt vefaðgangi að vb.is og fiskifrettir.is