SpareBank 1 Acquires Glitnir

Norwegian bank SpareBank 1 today announced its acquisition of Glitnir Bank ASA, for NOK300 million (US$44.4 million). The bank will retain its current structure and remain headquartered in Trondheim until further notice.

Glitnir has for years offered financial services and analysis to the global seafood industry. The bank struggled during the recent banking crisis in Iceland and was placed in receivership by the Icelandic government.

The new owners of Glitnir Bank ASA are SpareBank 1 SMN (25 percent), SpareBank 1 SR-Bank (20 percent), SpareBank 1 Nord-Norge (20 percent), 16 other co-operating savings banks (20 percent) and Sparebanken Hedmark (15 percent). These banks also own the SpareBank 1 Group.

Glitnir Bank has business units in Trondheim, Oslo, ?...lesund and Fosnavåg. The bank has 160 employees and a total loan portfolio of NOK 47 billion (US$6.9 million). The subsidiary Glitnir Factoring with 26 employees is also included in the transaction.

"The SpareBank 1 banks have the strength and the solidity required to carry out a transaction like this without any additional capital," says Finn Haugan, managing director of SpareBank 1 SMN.


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