Iceland review - 2006, Qupperneq 106

104 BUSINESS SUPPLEMENT
Glitnir’s expansion strategy rests on three
principal pillars: expertise in certain product
categories, local understanding of the countries
involved and on the extensive and specialized
knowledge of three niche market segments:
the food sector, especially seafood, sustainable
energy and the shipping industry, especially
offshore supply vessels. The expansion, which
has been steady but cautious is reflected in
the geographic and market diversification,
minimizing the risk.
A RECORD YEAR
The year 2005 was the best ever in Glitnir’s
history. After-tax profit was ISK 19.1 billion,
as compared to ISK 12.0 billion in 2004; an
increase of 60 percent. All areas of business
showed profit, reflecting the strength of
the Bank’s foundations. The expansion into
Norway, as well as internationally, marked
Glitnir’s activities last year and this trend is set
to continue with even greater force this year.
Glitnir’s vision is to initiate and embrace
sustainable success. The international
expansion is part of a comprehensive
strategy building a foundation for growth
and enhancing the talent needed to
accelerate and excel in the Bank’s activities.
This has included sharpening Glitnir’s
focus on a wider product delivery to its core
customers and expanding its product reach
in key markets. Glitnir concentrates on
competing in areas where it is in a position
to create value through the Bank’s expert
knowledge and extensive contact networks
and where it can differentiate the Bank so
that it ranks as the outstanding player in its
chosen fields.
THE GLITNIR STRATEGY: STAY FOCUSED
The international
expansion
is part of a
comprehensive
strategy building
a foundation
for growth and
enhancing the
talent needed
to accelerate
and excel in the
Bank’s activities.