Hitt og þetta 26. apríl 2006

(IFN) Press Release: David Zell joins Glitnirs UK Corporate & Investment Banking

Reykajvik/London (IFN) David Zell has joined Glitnir bank as the Head of Debt Finance and Loan Syndication.

In addition to the aforementioned role, David Zell will act as Deputy to Steinunn Thordardottir as the Managing Director of the UK operation. This London-based appointment is one more strong indication of our long term goal to grow our UK operations, says Steinunn Thordardottir.

This key strategic move reflects Glitnir's commitment to vigorously continue building the Debt Capital Market capabilities of Glitnir, says Bjarni Armannsson, CEO of Glitnir. Having David Zell onboard will be of great importance in our strategy to provide a comprehensive product platform to support our customers.in Glitnir's key target sectors, such as the Global Food industry.

David Zell has extensive experience having worked in the London and European financial markets formany years, and is widely known and respected. Most recently, David Zell was an Executive Director at WestLB in London where he headed the Syndicated Loans origination team for Western Europe and Emerging Markets.

Among many other deals, David Zell led the debut syndicated financing for Actavis (then Pharmaco) on behalf of WestLB.WestL were Mandated Lead Arranger along with Glitnir.During this time, DavidZell developed a keen personal interest in the Icelandic economy and built relationships with some of thekey players in themarket.

Prior to WestLB, David Zell was a Director at Citigroup, Debt Capital Markets, for 10 years where he was a senior Relationship Banker, and more recently the Head of Syndicated Loan origination,structuring and executionfor Germany, Italy, Switzerland and the European Healthcare sectors.

Throughout his career David Zell has had extensive involvement in all Debt Capital Market products, through a variety of major financings, including integrated restructurings and acquisition finance transactions.Furthermore, David Zell helped to develop the loan syndication function at WestLB and led several milestone MLA and Bookrunner mandates .

Some facts on Glitnir:

Glitnir is a leading financial group that offers universal banking, and a leading global niche player in three segments: Seafood/food, sustainable energy and offshore supply vessels/shipping. The bank has a branch in London in UK and in Copenhagen in Denmark. Glitnir is the sole owner of banks in Luxembourg and Norway (BNbank and Glitnir bank, the factoring company Glitnir Factoring as well as 50.1 % of the Union Group). Glitnir plan to open a office in Halifax in Canada during the spring of 2006 and in Shanghai in China during the fall of 2006. Glitnir is listed on the Icelandic Stock Exchange. Glitnir recently announced record profit for 2005 - the best in the bank's history. Total assets by December 31, 2005 were EUR 19.7 billion. The record high profit for 2005 was 244 EUR million.

For more information: www.glitnir.is/english

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Source: M2 Communications


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