Iceland review - 2006, Blaðsíða 108

106 BUSINESS SUPPLEMENT
BNbank, the fourth largest in Norway, is a
commercial bank with operations both in the
corporate and the retail markets. BNbank is a
specialist lender focusing on mortgage loans,
while Glitnir (KredittBanken) is a regional player
on the west coast of Norway with a national
niche focus on seafood, offshore supply
vessels and financing for building projects at
Norwegian shipyards. BNbank entered the
consolidated figures of Glitnir as of April 1st.
Great optimism is attached to the Bank’s
Norwegian investments, and the current plan
is to conclude the Norwegian development
phase around mid-year 2006. Over the course
of the next one to three years, Glitnir aspires
to achieve a position whereby Norway will
represent a portion of total revenues similar
to that represented by Iceland, thereby
accounting for a large and important share of
the Bank’s profit.
Where will Glitnir go next?
Glitnir operates as a specialist bank outside of
home markets with clearly defined segments
and products. The development efforts in
recent years have been very successful,
and all the principal targets so far have been
achieved, placing Glitnir in a strong position
in this important market. The Bank intends to
use its strength and knowledge to continue
its expansion into neighboring markets,
particularly the United Kingdom and the
other Nordic countries, as well as countries
Glitnir will continue
to pursue its
current strategy
of being a Nordic
Specialist bank, as
controlled external
growth will serve
to strengthen the
Bank’s foundations
through increased
risk distribution, as
well as the numerous
opportunities that
are foreseen for
expanded business
activities.
in continental Europe. Our focus on private
banking at Glitnir Luxembourg has been a great
success. Glitnir will continue to pursue its
current strategy, as controlled external growth
will serve to strengthen the Bank’s foundations
through increased risk distribution, as well as
the numerous opportunities that are foreseen
for expanded business activities. However, it
is also clear that the strategy of positioning
Glitnir in clearly defined regions or sectors in an
international context will be strictly observed.
BJARNI ÁRMANNSSON