Glitnir Changes Name Back to Islandsbanki
Glitnir is switching its name back to Islandsbanki. The name change, which will take effect on Feb. 20, comes as the Icelandic bank refocuses its efforts on the domestic market.
This fall, the Icelandic government nationalized the country’s three largest banks — Kaupthing, Landsbanki and Glitnir — after the global credit crisis crippled Iceland’s banking sector, which is highly leveraged overseas. Soon after, Glitnir discontinued its international seafood team.
“Employees of the bank are fully aware that the name Glitnir has suffered damage in the storm that has been in the Icelandic economy for the last two months,” says Birna Einarsdóttir, the bank’s new director. “With the name change, it is not an attempt to put new wrapping around old operations but is to put emphasis on it that the bank is today first and foremost an Icelandic bank. The main purpose of Islandsbanki is to serve Icelandic homes and companies. And we are going to tend to that with passion care and responsibility.”
Islandsbanki re-branded itself as Glitnir in March 2006 as it aggressively expanded overseas.