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Hitt og þetta 12. september 2006

(IFN) Glitnir announces changes in organisational structure

Reykjavik (IFN) Iceland's Glitnir Bank said on Tuesday that it has made changes in its organisational structure, following years of exceptional growth.

The bank said the changes follow the consolidation of the capital market units and the establishment of a shared services unit, which were implemented August 24.

The organisational adjustments aim at optimising management focus, ensuring efficiency and integration, and building an even stronger platform for further profitable growth, it said.

"Following two years of strong international organic growth and seven acquisitions, we adjust the organization to its new scope," said Bjarni Armannsson, chief executive officer of Glitnir.

"The new organiational structure enables us to reach a new level and to live our values: smart, fast and thorough."

The company said the changes now implemented comprise the second step in aligning its structure to its needs as an international financial services business. The first step included the creation of shared services and the merger of all market units into one, and the second phase includes the establishment of a corporate development unit and the split of corporate and investment banking into two units, corporate banking and investment banking, it said.

"The objective of these changes is to further consolidate the bank's top management group, to obtain a clearer division of roles and activities between the units, and, at the same time, to enhance integration," said Armannsson.

"The new structure will promote value creation for our customers, through a broader and enhanced product offering which focuses on offering services across industry segments and across the national and organizational borders of our operations in Iceland, Norway, Sweden, Denmark, the U.K., Canada and Luxembourg, and our representative office in China, which we plan to towards the end of the year," said Armannsson.

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Sources: Dow Jones Newswires; www.icex.is

Icelandic Financial News (IFN) is available on Factiva, a joint venture between Reuters and Dow Jones Newswires, FT.COM, LexisNexis, Comtex, Gale and Thomson via the Nordic Business Report.