Ownership of Glitnir’s subsidiaries transferred to GLB Holding

Ownership of Glitnir’s subsidiaries in finance and insurance has now been moved to the holding company GLB Holding.  The company is wholly owned by Glitnir. This new organizational structure is in line with the requirements set by the Icelandic Financial Supervisory Authority (FME), which on 30 December last year granted ISB Holding authorisation to take over 95% shareholding  in Íslandsbanki.  The approval of the Icelandic Competition Authority had previously been given. 

GLB Holding is extremely sound financially, with equity of ISK 96.5 billion and an equity ratio of 100%. This makes it a staunch backer for those companies under Glitnir's direction which operate in financial services and insurance. The Board of Directors of GLB Holding is comprised of Heimir V. Haraldsson (Chairman), Þórdís Bjarnadóttir and Kristján Óskarsson. Heimir and Þórdís are members of Glitnir’s Resolution Committee while Kristján is Glitnir’s CEO. Ingólfur Hauksson, Glitnir’s CFO, is managing director of GLB Holding.

Furthermore, a Board of Directors has been appointed for ISB Holding.  In accordance with the conditions set by FME , a majority of the Board are independent of Glitnir, large creditors and Íslandsbanki itself.  The Board of Directors of ISB Holding is comprised of Ólafur Ísleifsson, assistant professor at Reykjavík University, Ásta Þórarinsdóttir, economist, and María B. Ágústsdóttir, managing director of ISB Holding and employee of Glitnir’s Resolution Committee. Reynir Kristinsson, business consultant, is an alternate director.